Business, 26.09.2019 17:10 gabe7774

Exercise 3-19 (part level submission) sheridan corp. maintains its financial records on the cash basis of accounting. interested in securing a long-term loan from its regular bank, sheridan corp. requests you as its independent cpa to convert its cash-basis income statement data to the accrual basis. you are provided with the following summarized data covering 2016, 2017, and 2018. 2016 2017 2018 cash receipts from sales: on 2016 sales $310,310 $172,750 $32,710 on 2017 sales –0– 352,570 89,120 on 2018 sales 429,290 cash payments for expenses: on 2016 expenses 187,440 68,600 23,460 on 2017 expenses 41,400 a 151,430 58,560 on 2018 expenses 46,290 b 209,030 prepayments of 2017 expenses. prepayments of 2018 expenses. collapse question part (a) using the data above, prepare abbreviated income statements for the years 2016 and 2017 on the cash basis. (enter loss using either a negative sign preceding the number e. g. -45 or parentheses e. g. (

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Exercise 3-19 (part level submission) sheridan corp. maintains its financial records on the cash bas...

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