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 2015, the company records the following cash flows:


You are able to determine the following information:


Required:
Prepare an accrual-basis income statement for December 31, 2015, by calculating accrual-basis revenues andexpenses.


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  • CreatedJuly 15, 2014
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