Answer Happy

Nash Corp. maintains its financial records on the cash basis of accounting. Interested in securing a long-term loan from its regular bank, Nash 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 2019, 2020, and 2021. 2019 2020 2021 Cash receipts from sales: On 2019 sales $297,900 $173,670 $28,570 On 2020 sales -0- 389,880 82,260 On 2021 sales 413,550 Cash payments for expenses: On 2019 expenses 60,630 27.040 On 2020 expenses 150,470 56,540 41.040 207,870 On 2021 expenses 179,060 38,080 b
"Prepayments of 2020 expenses. bprepayments of 2021 expenses. Using the data above, prepare abbreviated income statements for the years 2019 and 2020 on the cash basis. (Enter loss using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45)) NASH CORP. Income Statement (Cash Basis) 2019 2020 $
Using the data above, prepare abbreviated income statements for the years 2019 and 2020 on the accrual basis. (Enter loss using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45)) NASH CORP. Income Statement (Accrual Basis) 2019 2020