Using the information above, prepare abbreviated income statements for the years 2021 and 2022 using the...

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Using the information above, prepare abbreviated income statements for the years 2021 and 2022 using the cash basis of accounting. Sales $ Expenses Net Income/(Loss) +A $ Blue Spruce Corp. Income Statement (Cash Basis) For the Year Ended December 31 2021 +A $ 2022 Using the information above, prepare abbreviated income statements for the years 2021 and 2022 using the accrual basis of accounting. Sales Expenses Blue Spruce Corp. Income Statement (Accrual Basis) For the Year Ended December 31 2021 Net Income/(Loss) +A $ +A 6A +A $ 2022 Blue Spruce Corp. maintains its financial records using the cash basis of accounting. Because it would like to secure a long-term loan from its bank, the company asks you, an independent CPA, to convert its cash basis income statement information to the accrual basis. You are provided with the following summarized data for 2021, 2022, and 2023: 2021 2022 2023 Cash receipts from sales: On 2021 sales $324,000 $162,000 $29,000 On 2022 sales -0- 332,000 87,000 On 2023 sales -0- -0- 387,600 Cash payments for expenses: On 2021 expenses 187,320 67,840 24,200 а On 2022 expenses 40,500 136,675 53,900 b On 2023 expenses -0- 44,600 216,000 a Prepayments of 2022 expense b Prepayments of 2023 expense Using the information above, prepare abbreviated income statements for the years 2021 and 2022 using the cash basis of accounting. Sales $ Expenses Net Income/(Loss) +A $ Blue Spruce Corp. Income Statement (Cash Basis) For the Year Ended December 31 2021 +A $ 2022 Using the information above, prepare abbreviated income statements for the years 2021 and 2022 using the accrual basis of accounting. Sales Expenses Blue Spruce Corp. Income Statement (Accrual Basis) For the Year Ended December 31 2021 Net Income/(Loss) +A $ +A 6A +A $ 2022 Blue Spruce Corp. maintains its financial records using the cash basis of accounting. Because it would like to secure a long-term loan from its bank, the company asks you, an independent CPA, to convert its cash basis income statement information to the accrual basis. You are provided with the following summarized data for 2021, 2022, and 2023: 2021 2022 2023 Cash receipts from sales: On 2021 sales $324,000 $162,000 $29,000 On 2022 sales -0- 332,000 87,000 On 2023 sales -0- -0- 387,600 Cash payments for expenses: On 2021 expenses 187,320 67,840 24,200 а On 2022 expenses 40,500 136,675 53,900 b On 2023 expenses -0- 44,600 216,000 a Prepayments of 2022 expense b Prepayments of 2023 expense

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