Cash / Accrual Problem:
Account Beginning Balance Ending Balance
Accounts Receivable $54,000 $65,000
Unearned Revenue $10,000 $8,000
Inventory $65,000 $69,000
Accounts Payable $52,000 $50,000
Prepaid Expenses. $6,000 $10,000
Accrued Expenses $9,000 $11,000
Cash Receipts total (all from customers) $480,000
Cash Disbursements total (all for expenses/inventory) $420,000
Cash Disbursements for Inventory $250,000
Required:
Prepare a cash basis income statement.
Prepare an accrual basis income statement.
please USE T ACCOUNT in the solution
