Business, 22.02.2021 18:50, quickestlearner8562
Minutemen Law Services maintains its books using cash-basis accounting. However, the company decides to borrow $100,000 from a local bank, and the bank requires Minutemen to provide annual financial statements prepared using accrual-basis accounting as part of the credit worthiness verification. During 2021, the company records the following cash flows:
Cash collected from customers $60,000
Cash paid for:
Salaries $35,000
Supplies 3,000
Rent 4,000
Insurance 6,000
Utilities 2,000 50,000
Net cash flows $10,000
You are able to determine the following information:
January 1, 2012 December 31,2012
Accounts Receivable $20,000 22,000
Prepaid Insurance 0 3200
Supplies 4000 1500
Salaries Payable 2200 34000
In addition, depreciation on the company’s equipment is $8,000 for the year.
Required:
Prepare an accrual-basis income statement for the year ended December 31, 2012.
Answers: 3
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Minutemen Law Services maintains its books using cash-basis accounting. However, the company decides...
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