Exercise $2-18($Static$)$ Cash versus accrual accounting $[$LO$2-9]$

S$\backslash$&J Lawn Service Company maintains its books on a cash basis. However, the company recently borrowed $\backslash (\backslash$$ $100,000\backslash )$ from a local bank, and the bank requires S$\backslash$&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 recelvable, prepaid expenses, and accrued liabilities:

In addition, you learn that the bank loan was dated September $30,2024,$ with principal and interest at $\backslash (6\backslash \%\backslash )$ due in one year. Depreclation on the company's equipment is $\backslash (\backslash$$ $10,000\backslash )$ for the year.

Required:

Prepare an accrual basis income statement for $2024.($Ignore Income taxes.$)$