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Question - Horned Frogs Fine Cooking maintains its books using cash-basis accounting. However, the company recently borrowed $50,000 from a local bank, and the bank requires the company to provide annual financial statements prepared using accrual-basis accounting as part of the creditworthiness verification. During 2018, the company records the following cash flows:
Cash collected from customers
$65,000
Cash paid for:
Salaries
$23,000
Supplies
9,000
Repairs and maintenance
8,000
Insurance
4,000
Advertising
6,000
50,000
Net cash flows
$15,000
You are able to determine the following information:
January 1, 2018
December 31, 2018
Accounts Receivable
$10,000
$13,000
Prepaid insurance
1,700
4,200
-0-
2,000
Salaries Payable
2,800
Required: Prepare an accrual-basis income statement for December 31, 2018, by calculating accrual-basis revenues and expenses.
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