NWP Assessment Player Ul Ap x +education.wiley.com/was/ui/v2/assessment-player/index.html?launchld-4e6eb9dd-8511-4df4-9866-cfc4b92f111a#/question/8b bartleby WP Wiley connect MYOCCapter 4 Homework: Riley Slo x→ bofaHomeworkworkjam (ulta) schoolQuestion 9 of 12 <Your answer is incorrect.Blue Spruce Company prepared the following income statement using the cash basis of accounting:BLUE SPRUCE COMPANYIncome Statement, Cash BasisFor the Year Ended December 31, 2021Net income>Service revenue (does not include $32,800 of services rendered on account because the collection will not be until2022)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 docsgoogle slidesRecast the above income statement on the accrual basis in conformity with generally accepted accounting principles.0/113:$311,600255,200$56,400Depreciation 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 eCinstagram☆twit BLUE SPRUCE COMPANYIncome StatementFor the Year Ended December 31, 2021Service revenue $ExpensesNet incomeeTextbook and MediaSave for Later

We have, Service revenue(collected) = $311,600 Service revenue(not collected yet) = $32,800…

Answered: Recast the above income statement on…

Business

Accounting

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

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

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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