Zambrano Wholesale Corporation maintains its records on a cash basis. At the end of each year the company's accountant obtains the Required $1$

Prepare an accrual basis income statement for $2024($ignore income taxes$).$

Note: Other expenses should be indicated with a minus sign.

necessary information to prepare accrual basis financial statements. The following cash flows occurred during the year ended

December $31,2024$:

Selected balance sheet information:

Additional information:

On March $31,2023,$ Zambrano lent a customer $$41,000.$ Interest at $8\%$ is payable annually on each March $31.$ Principal is due in

The annual insurance payment is paid in advance on April $30.$ The policy period begins on May $1.$

On October $31,2024,$ Zambrano borrowed $$80,000$ from a local bank and signed a note promising repayment. Principal and

interest at $6\%$ are due on October $31,2025.$

Annual rent on the company's facilities is paid in advance on June $30.$ The rental period begins on July $1.$

Required:

Prepare an accrual basis income statement for $2024($ignore income taxes$).$

Determine the following balance sheet amounts on December $31,2024$: