Problem 3-2A (Algo) Convert cash-basis accounting to accrual-basis accounting (LO3-1, 3-2) Williams Law Services maintains its books using cash-basis accounting. However, the company decides to borrow $100,000 from a local bank, and the bank requires Williams to provide annual financial statements prepared using accrual-basis accounting as part of the creditworthiness verification. During 2024, the company records the following cash flows: You are able to determine the following information: Required: Prepare an accrual-basis income statement for the year ended December 31,2024 , by calculating accrual-basis revenues and expenses. Problem 3-2A (Algo) Convert cash-basis accounting to accrual-basis accounting (LO3-1, 3-2) Williams Law Services maintains its books using cash-basis accounting. However, the company decides to borrow $100,000 from a local bank, and the bank requires Williams to provide annual financial statements prepared using accrual-basis accounting as part of the creditworthiness verification. During 2024, the company records the following cash flows: You are able to determine the following information: Required: Prepare an accrual-basis income statement for the year ended December 31,2024 , by calculating accrual-basis revenues and expenses