S&J Lawn Service Company maintains its books on a cash basis. However, the company recently borrowed $100,000 fr bank, and the bank requires S&J to provide annual financial statements prepared on an accrual basis. During 2024, the flows were recorded: Cash collected for: Services to customers Cash paid for: Salaries Supplies Rent Insurance Miscellaneous Net operating cash flow Accounts receivable Prepaid insurance Supplies Accrued liabilities (for miscellaneous expenses) 0 1,000 $ 180,000 25,000 12,000 6,000 20,000 You are able to determine the following information about accounts receivable, prepaid expenses, and accrued liabilitie January 1, 2024 December 31, 2024 $ 32,000 $ 27,000 2,000 1,500 3,400 2,400 $ 320,000 243,000 $ 77,000 Required: Prepare an accrual basis income statement for 2024. (Ignore income taxes.) In addition, you learn that the bank loan was dated September 30, 2024, with principal and interest at 6% due in one y Depreciation on the company's equipment is $10,000 for the year.

S\&J Lawn Service Company maintains its books on a cash basis. However, the company recently borrowed $100,000 bank, and the bank requires S&J to provide annual financial statements prepared on an accrual basis. During 2024 , the flows were recorded: You are able to determine the following information about accounts receivable, prepaid expenses, and accrued liabiliti In addition, you learn that the bank loan was dated September 30,2024 , with principal and interest at 6% due in one Depreciation on the company's equipment is $10,000 for the year. Required: Prepare an accrual basis income statement for 2024. (Ignore income taxes.)