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Prepare abbreviated income statements for the given years

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Reference no: EM131744364

Question: Splish Corp. maintains its financial records on the cash basis of accounting. Interested in securing a long-term loan from its regular bank, Splish 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 $304,180 $165,290 $28,850

On 2017 sales -0- 365,210 87,710

On 2018 sales 404,040

Cash payments for expenses: On 2016 expenses 201,630 66,400 24,530

On 2017 expenses 38,310 a 164,520 55,920

On 2018 expenses 47,310 b 203,900

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 cash basis.

Reference no: EM131744364

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