View Policies Current Attempt in Progress Crane & Associates maintains its records on the cash basis. You have been engaged to convert its cash basis income statement to the accrual basis. The cash basis income statement, along with additional information, follows: Crane & Associates Income Statement (Cash Basis) For the Year Ended December 31, 2020 Cash receipts from customers $429,900 Cash payments: Salaries and wages $172,200 Income taxes 71,800 Insurance 39,500 Interest 23,400 306,900 Net income $123,000 Additional information: Balances at 12/31 2020 2019 $123,000 Net income Additional information: Balances at 12/31 2020 2019 Accounts receivable $46,800 $28,700 Salaries and wages payable 11,200 21,400 Income taxes payable 22,000 19,400 Prepaid insurance 10,400 4,000 Accumulated depreciation 96,900 84,400 Interest payable 3,950 9,200 No plant assets were sold during 2020. Prepare the income statement as per accrual basis. Crane & Associates Income Statement (Accrual Basis) For the Year Ended December 31, 2020 NWP Assessment Player L AX C Grer & Associates Maintains X + education wiley.com/was/ui/v2/assessment-player/index.html?launchid-b74b93b2-92fd-4b98-9805-2c6cd128d56e#/questions Apps Bookmarks Ch 3 HW