You are provided the following information for the Robert Ray Consulting Associates. (Click the icon to view the data.) Requirement Assume that all supplies purchased were used in operations in the year of purchase. Rental payments pertain to rental space used in the year of payment. 1. Prepare an income statement for Robert Ray for 2019 and 2018 under both the cash and the accrual basis of accounting. 2. Compute operating cash flow for both years under cash and accrual bases. Requirement 1. Prepare an income statement for Robert Ray for 2019 and 2018 under both the cash and the accrual basis of accounting. Begin by preparing Robert Ray's income statement for 2019 and 2018 under the accrual basis of accounting and then for 2019 and 2018 under the cash basis. (If a box is not used in the statement, leave the bo Robert Ray Consulting Associates Comparative Income Statement For the Year Ended December 31, 2019 Accrual Basis Data Table Operating Expenses: Total Operating Expenses Operating Income 2019 Cash Basis 2019 2018 2018 2019 2018 Service revenue (accrual basis) $ Cash collected from clients 300,000 $ 79,000 189,000 98,000 Operating expenses: Salary expense (accrual basis) 7,000 16,000 Purchased supplies for cash 3,500 2,800 Purchased supplies on account 1,000 1,500 Depreciation expense 2,400 2,400 Rent paid in cash 7,300 2,900 Prepaid insurance 5,200 -0- Print Done