Question

Portmann Corp. maintains its financial records using the cash basis of accounting. As it would like to secure a long-term loan from its bank, the company asks you, as an independent CA, to convert its cash basis income statement information to accrual basis. You are provided with the following summarized data for 2012,2013, and 2014:
Instructions
Using the information above, prepare abbreviated income statements for the years 2012 and 2013 using:
(a) The cash basis of accounting
(b) The accrual basis of accounting


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  • CreatedSeptember 18, 2015
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