Grier \& Associates Income Statement (Cash Basis) For the Year Ended December 31, 2015 Cash receipts from customers Cash payments: HK\$450,000 Salaries and wages Taxes \begin{tabular}{rr} HK $150,000 & \\ 75,000 & \\ 40,000 & \\ 25,000 & 290,000 \\ & HK\$160,000 \end{tabular} Net income Additional information: Balances at 12/31 Insurance Interest Additional information: Accounts receivable Salaries and wages payable Taxes payable Prepaid insurance Accumulated depreciation Interest payable No plant assets were sold during 2015. You have been engaged to convert its cash basis income statement to the accrual basis. Grier \& Associates Income Statement (Cash Basis) For the Year Ended December 31, 2015 Cash receipts from customers Cash payments: HK\$450,000 Salaries and wages Taxes \begin{tabular}{rr} HK $150,000 & \\ 75,000 & \\ 40,000 & \\ 25,000 & 290,000 \\ & HK\$160,000 \end{tabular} Net income Additional information: Balances at 12/31 Insurance Interest Additional information: Accounts receivable Salaries and wages payable Taxes payable Prepaid insurance Accumulated depreciation Interest payable No plant assets were sold during 2015. You have been engaged to convert its cash basis income statement to the accrual basis