S&J Lawn Service Company maintains its books on a cash basis. However, the company recently borrowed $100,000
Question:
S&J Lawn Service Company maintains its books on a cash basis. However, the company recently borrowed $100,000 from a local bank, and the bank requires S&J to provide annual financial statements prepared on an accrual basis. During 2024, the following cash flows were recorded:
You are able to determine the following information about accounts receivable, prepaid expenses, and accrued liabilities:
In addition, you learn that the bank loan was dated September 30, 2024, with principal and interest at 6% due in one year. Depreciation on the company’s equipment is $10,000 for the year.
Required:
Prepare an accrual basis income statement for 2024. (Ignore income taxes.)
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SJ Lawn Service Company Income Statement For the Year Ended December 31 2024 Service revenue 1 Opera...View the full answer
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