Other Important Things to know What accounting method does the company use? Cash Accounting - recognizes revenues as earned when payment is received, regardless of the timing of the transaction. Costs are recognized only when the cash is paid out. Income Statement of Camera Company 40 cameras at $125 each Review Cash vs Accrual Accounting Assignment due 1/18/2023 by 11:00 pm Review Cash vs Accrual Accounting Assignment The local retail hardware store purchases a riding lawnmower for $300 on May 3 for cash. On May 10, the lawnmower is sold for $500 on credit due in 30 days. - What would the accrual financial statement show for sales, costs and profit in May? In June? - What would the cash financial statement show for sales, costs, and profit in May? In June? Create a table similar to the one found in the PowerPoint to complete this assignment. When done, upload to dropbox labeled Chapter 1. Other Important Things to know What accounting method does the company use? Cash Accounting - recognizes revenues as earned when payment is received, regardless of the timing of the transaction. Costs are recognized only when the cash is paid out. Income Statement of Camera Company 40 cameras at $125 each Review Cash vs Accrual Accounting Assignment due 1/18/2023 by 11:00 pm Review Cash vs Accrual Accounting Assignment The local retail hardware store purchases a riding lawnmower for $300 on May 3 for cash. On May 10, the lawnmower is sold for $500 on credit due in 30 days. - What would the accrual financial statement show for sales, costs and profit in May? In June? - What would the cash financial statement show for sales, costs, and profit in May? In June? Create a table similar to the one found in the PowerPoint to complete this assignment. When done, upload to dropbox labeled Chapter 1