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Recast the above income statement on the accrual basis in conformity with generally accepted accounting principles.

Recast the above income statement on the accrual basis in conformity with generally accepted accounting principles.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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NWP Assessment Player Ul Ap x + education.wiley.com/was/ui/v2/assessment-player/index.html?launchld-4e6eb9dd-8511-4df4-9866-cfc4b92f111a#/question/8 b bartleby WP Wiley connect MYOCC apter 4 Homework: Riley Slo x → bofa Homework workjam (ulta) school Question 9 of 12 < Your answer is incorrect. Blue Spruce Company prepared the following income statement using the cash basis of accounting: BLUE SPRUCE COMPANY Income Statement, Cash Basis For the Year Ended December 31, 2021 Net income > Service revenue (does not include $32,800 of services rendered on account because the collection will not be until 2022) Expenses (does not include $16,400 of expenses on account because payment will not be made until 2022) Additional data: 1. 2. zoom QquizletE google docs google slides Recast the above income statement on the accrual basis in conformity with generally accepted accounting principles. 0/1 13: $311,600 255,200 $56,400 Depreciation on a company automobile for the year amounted to $6,300. This amount is not included in the expenses above. On January 1, 2021, paid for a two-year insurance policy on the automobile amounting to $1,600. This amount is included in the e C instagram ☆ twit
Transcribed Image Text:NWP Assessment Player Ul Ap x + education.wiley.com/was/ui/v2/assessment-player/index.html?launchld-4e6eb9dd-8511-4df4-9866-cfc4b92f111a#/question/8 b bartleby WP Wiley connect MYOCC apter 4 Homework: Riley Slo x → bofa Homework workjam (ulta) school Question 9 of 12 < Your answer is incorrect. Blue Spruce Company prepared the following income statement using the cash basis of accounting: BLUE SPRUCE COMPANY Income Statement, Cash Basis For the Year Ended December 31, 2021 Net income > Service revenue (does not include $32,800 of services rendered on account because the collection will not be until 2022) Expenses (does not include $16,400 of expenses on account because payment will not be made until 2022) Additional data: 1. 2. zoom QquizletE google docs google slides Recast the above income statement on the accrual basis in conformity with generally accepted accounting principles. 0/1 13: $311,600 255,200 $56,400 Depreciation on a company automobile for the year amounted to $6,300. This amount is not included in the expenses above. On January 1, 2021, paid for a two-year insurance policy on the automobile amounting to $1,600. This amount is included in the e C instagram ☆ twit
BLUE SPRUCE COMPANY Income Statement For the Year Ended December 31, 2021 Service revenue $ Expenses Net income eTextbook and Media Save for Later
Transcribed Image Text:BLUE SPRUCE COMPANY Income Statement For the Year Ended December 31, 2021 Service revenue $ Expenses Net income eTextbook and Media Save for Later
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