Supplemental Problem 4-4 Listed below are beginning and ending balances of selected balance sheet accounts taken from the Myers company accrual method of accounting. Revenue and Expense accounts a re also liste d. Myers uses the REQUIRED: 1. Determine the amount of cash paid or received for each statement account. 2. Prepare an income statement: a. On the cash basis of accounting b. On the accrual basis of accounting ACCOUNT Accounts Receivable Prepaid Rent Prepaid Insurance Prepaid Interest Prepaid Advertising Accounts Payable Unearned Revenue Salaries Payable Taxes Payable 20,000 1,000 0 250 1,200 17,500 0 7,500 8,000 25,000 0 1,500 750 500 15,000 6,000 10,000 Expenses/Revenues recorded during the year for: (accrual basis) Sales Rent Expense Insurance Expense Interest Expense Advertising Expense Salaries Expense Other Expenses Taxes Expense 350,000 12,000 4,000 1,200 3,500 30,000 50,000 14,000