RSE LEARNIN Library I Shorter UnivYardi Breeze Mylibrary Rehpesity-Sign In QuickBooks Login-s M Welcome to Mercury M McG er 02 Homework Help Save & Zambrano Wholesale Corporation maintains its records on a cash basis. At the end of each year the company's accountant obtains the necessary information to prepare accrual basis financial statements. The following cash flows occurred during the year ended December 31, 2018 Cash recelptss From customers Interest on note Loan from a local bank $625,000 2,800 75 000 $702,80e elook eferences Totel cash receipts Cash disbursements: Purchase of serchandise Annual Insurance payment Paynent of salarles and wages Dividends paid to shareholders Annual rent payment 5380,000 4,800 200,000 12,000 1.000 $615,800 Total cash disbursements Chapter 02 Homework https/ewconnect.mh connect.html RSE LEARNIN . Library! Shorter Univ Yard Breeze a MyLibrary RedShell I Expensify-S gninQuado kslogn-S M welcome to Meroy MuGanaGr pter 02 Homework Help Save & Exit Check m 4 Selected balance sheet information Cash Accounts receivable Inventor) Prepaid insurance Prepaid rent Interest receivable Note receivable Equipeent Accunulated depreci Accounts payable (for merchandise) Salories and wages payable Notes payable 28,800 $187, 57,80082,60 78,0882,68 1,509 18,880 57,088 nts 2,100 48,08040,000 58,880 (35, 00)(40,868) 1e5,000 112,8e0 19,080 22,100 75,e00 50,860 Interest payable Additional information 1 on March 31, 2017. Zambrano lent a customer S40000. Interest at 7% is payable annually on each March 31, Principal is due in 2021. 2. The annual insurance payment is paid in advance on April 30. The policy period begins on May 1 3. On October 31, 2018, Zambrano borrowed S75.000 from a local bank. Principal and interest at 4 Annual rent on the company's facilities is paid in advance on June 30. The rental period begins on July 1 6% are due on October 31 2019 Required: Prey 40f 51 Next > Required: 1. Prepare an accrual basis income statement for 2018 (ignore income taxes). (Other expenses should be indicated with a minus sign.) 2. Determine the following balance sheet amounts on December 31, 2018. Complete this question by entering your answers in the tabs below Required 1 Required 2 Prepare an accrual basis income statement for 2018 (ignore income taxes). (Other expenses should be indicated with a minus sign.) ZAMBRANO WHOLESALE CORPORATION Income Statement For the Year Ended December 31, 2018 K Prey 4 of 5 Next> TOSHIBA