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Problem: Part Level Submission
Sunland Corp. maintains its financial records on the cash basis of accounting. Interested in securing a long-term loan from its regular bank, Sunland 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 2016 sales
$270,700
$168,230
$27,090
On 2017 sales
-0-
355,340
90,130
On 2018 sales
429,650
Cash payments for expenses:
On 2016 expenses
200,900
62,590
24,730
On 2017 expenses
42,600 a
145,100
54,980
On 2018 expenses
48,090 b
211,040
a. Prepayments of 2017 expenses. b. Prepayments of 2018 expenses.
Using the data above, prepare abbreviated income statements for the years 2016 and 2017 on the accrual basis.
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