Question: Hello, could you include all the processes? Thank you. Stanley and Jones Lawn Service Company (S&J) maintains its books on a cash basis. However, the

Hello, could you include all the processes? Thank you.

Hello, could you include all the processes? Thank you. Stanley and Jones

Stanley and Jones Lawn Service Company (S\&J) maintains its books on a cash basis. However, the company recently borrowed $300,000 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: 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, 2021, with principal and interest at 6% due in one year. Depreciation on the company's equipment is $19,000 for the year. Required: Prepare an accrual basis income statement for 2021. (Ignore income taxes.)

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