Sere Quizz 1 Tribunal Law Services maintains its books using cash-basis accounting. However, the company decides to borr

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Sere Quizz 1 Tribunal Law Services Maintains Its Books Using Cash Basis Accounting However The Company Decides To Borr 1 (40.7 KiB) Viewed 33 times

Sere Quizz 1 Tribunal 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 Tribunal to provide annual financial statements prepared using accrual basis accounting as part of the creditworthiness verification. During 2024, the company records the following cash flows: $69,000 15 Ensue Canh collected from customers Cash paid for Salaries Supplies Rent Rurance Utilities Net cash flows $35,900 3,900 4,900 6.900 2.900 54,500 $14,500 You are able to determine the following information: January 1, 2024 Accounts Receivable $ 20,900 Prepaid Insurance o Supplies 4,900 salaries Payable 2.650 December 31, 2024 $ 23,800 3.650 1,950 4,300 Required: Prepare an accrual-basis income statement for the year ended December 31, 2024, by calculating accrual basis revenues and expenses TUDUNAL LAW SERVICES Income Statement For the Year Ended December 31, 2024 Expenses To Expenses