Question: that's what i know so far. please help. answer as a income statement please. it's due tonight. S&J Lawn Service Company maintains its books on

S\&J Lawn Service Company maintains its books on a cash basis. However, the company recently borrowed $130,000 from a local bank, and the bank requires S\&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 receivable, prepaid expenses, and accrued liabilities: In addition, you leam that the bank loan was dated September 30,2024 , with principal and interest at 6% due in one year. Depreciation on the company's equipment is $13,000 for the year. Required: Prepare an accrual basis income statement for 2024. (ignore income taxes.) Required: Prepare an accrual basis income statement for 2024. (Ignore income taxes.)
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
