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please help! thank you! Sunland Corp. maintains its financial records on the cash basis of accounting. Interested in securing a long term loan from its
please help! thank you!
Sunland Corp. maintains its financial records on the cash basis of accounting. Interested in securing a long term loan from its regular bank, Sunland Corp.requests you as its independent CPA to convertits cash-basis income statement data to the accrual basis. You are provided with the following summarized data covering 2019 2020 and 2021 2019 2020 2021 Cash receipts from sales: On 2019 sales $310,310 $172.750 $32.710 On 2020 sales -0 352.570 89.120 On 2021 sales 429.290 Cash payments for expenses: On 2019 expenses 187.440 68,600 23,460 On 2020 expenses 41.400 151.430 58,560 On 2021 expenses 46,290 209.030 Prepayments of 2020 expenses Prepayments of 2021 expenses Using the data above, prepare abbreviated income statements for the years 2019 and 2020 on the cash basis. (Enter loss using either a negative sign preceding the number e.g. -45 or parentheses e... (45).) SUNLAND CORP. Income Statement (Cash Basis) 2019 2020 s Using the data above, prepare abbreviated income statements for the years 2019 and 2020 on the accrual basis. (Enter loss using either a negative sign preceding the number eg. 45 or parentheses es. (451) SUNLAND CORP. Income Statement (Accrual Basis) 2019 2020 $ Step by Step Solution
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