Question 3 of 9 < Current Attempt Progress -/6.3 Windsor Corp. maintains its financial records on the cash basis of accounting. Interested in securing
Question 3 of 9 < Current Attempt Progress -/6.3 Windsor Corp. maintains its financial records on the cash basis of accounting. Interested in securing a long-term loan from its regular bank, Windsor Corp, requests you as its independent CPA to convert its 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 $305,760 $146,220 $28,040 On 2020 sales -0- 342,920 96.510 On 2021 sales 405,570 Cash payments for expenses: On 2019 expenses 190,320 69,070 25,610 On 2020 expenses 41,750 a 168,780 59,460 On 2021 expenses 40,890 b 223.550 "Prepayments of 2020 expenses. bPrepayments of 2021 expenses. (a) 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.g. (45).) WINDSOR CORP. Income Statement (Cash Basis) For the Year Ended December 31, O
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