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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.
Auditors obtain knowledge about a new client's business and its industry to understand the events and transactions that may have an effect on the client's financial statements and the development of the audit plan? True/False? Why
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