Coronado corp. maintains its financial records on the cash basis of accounting. interested in securing a long-term loan from its regular bank, coronado 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 2016, 2017, and 2018.
2016 2017 2018
cash receipts from sales:
on 2013 sales 296,060 167,500 30,470
on 2014 sales 358,890 96,530
on 2015 sales 415,380
cash payments for expenses:
on 2013 expenses 188,670 75,730 33,950
on 2014 expenses 45,800 a 171,340 64,610
on 2015 expenses 46,590b 221,560
a-prepayments of 2014 expenses.
b-prepayments of 2015 expenses.
using the data above, prepare abbreviated income statements for the years 2016 and 2017 on the cash basis.
Answers: 3
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