Question: Using an accrual system, prepare an operating statement for the year and a balance sheet as of December 31. What do these statements tell you

Using an accrual system, prepare an operating statement for the year and a balance sheet as of December 31. What do these statements tell you about BOGA's profitability? In the absence of the bank's stipulation that accrual be used, which type of system-modified cash or accrual-would you recommend that Dr. Amsted use for BOGA? Why

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