Question: Could you please help with this question? Thanks! b) Complete the following adjustments for the income statement. (Points: 18) Dec. 31, Dec. 31, Change in

Could you please help with this question? Thanks!

Could you please help with this question? Thanks! b) Complete the following

b) Complete the following adjustments for the income statement. (Points: 18) Dec. 31, Dec. 31, Change in Adj. 2012 2013 Value Crop inventories $50,000 $60,000 Accounts receivable 22,000 17,000 Prepaid expenses 6,000 4,000 Cash in growing crops 25,000 25,000 Accounts payable 32,000 35,000 Accrued interest 2,000 3,000 Income taxes payable 5,000 5,000 Current portion deferred taxes 2,000 1,000 [Continues on next page =>] c) Complete the following accrual adjusted income statement. (Points: 36) All American Farms' Accrual-Adjusted Income Statement For the Year Ended December 31, 2013 Soybean sales Corn sales Adj. for increase in crop inventories Calf sales Adj. for decrease in accounts receivable Other farm income Gross revenues Rent Fertilizer Labor and benefits Seed Chemicals Repairs and maintenance Fuel, oil, and grease Purchased feed Veterinary and medicine Utilities Depreciation expense Property taxes Office expense Adj. for increase in accounts payable Adj. for decrease in prepaid expenses Operating expenses Interest paid Adj. for increase in accrued interest Interest expense Total expenses Net farm income from operations Gain (loss) on the sale of capital assets Net farm income Miscellaneous revenues (expense) Income before income taxes Income taxes paid Adj. for decrease in current portion of deferred taxes Income tax expense Net Income

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