Question: Can you please help me understand how to make a accrual basis income statement with the numbers below Help Sa Stanley and Jones Lawn Service

Can you please help me understand how to make a accrual basis income statement with the numbers below

Can you please help me understand how to make a
Help Sa Stanley and Jones Lawn Service Company (S&J) maintains its books on a cash basis. However, the company recently borrowed $140,000 from a local bank, and the bank requires S&J to provide annual financial statements prepared on an accrual basis. During 2021, the following cash flows were recorded: Cash collected for: Services to customers Cash paid for: $360, 000 Salaries Supplies $184, 000 Rent 29, 000 Insurance 13 , 000 10, 000 Miscellaneous 24, 000 260, 000 Net operating cash flow $100, 000 You are able to determine the following information about accounts receivable, prepaid expenses, and accrued liabilities: January 1, 2021 December 31, 2021 Accounts receivable $36, 000 $29, 000 Prepaid insurance 2, 400 Supplies 1, 400 1, 700 nces Accrued liabilities ( for miscellaneous expenses) 2, 800 3 , 600 In addition, you learn that the bank loan was dated September 30, 2021, with principal and interest at 6% due in one year. Depreciation on the company's equipment is $14,000 for the year. Required: Prepare an accrual basis income statement for 2021. (Ignore income taxes.) STANLEY AND JONES LAWN SERVICE COMPANY Income Statement For the Year Ended December 31, 2021

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