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Hunter prepares his income statement on a cash basis. (Click the icon to view the income statement.) On further investigation you find the following accrual balances. (Click the icon to view the accrual balances.) Also, there should be depreciation of plant and equipment of $2,500 and bad and doubtful debts of $200. Prepare an accrual-based income statement. Prepare the accrual-based income statement by first completing the revenue section, the expenses section and then find the net profit or loss. (Leave any unused cells blank.) - Income statement Sales 120,000 36,000 Hunter statement of comprehensive income Cash Opening balances Closing balances Account Amount +/ Amount +/- Accrual 84,000 Revenue Less inventory purchases Equals gross profit Less expenses Salary and wages Rent Insurance 20,000 16,000 1,500 2,900 3,600 Advertising Gross profit Expenses: Other 44,000 Equals net profit 40,000 Print Done Choose from any list or enter any number in the input fields and then continue to the next question x Income statement Hunter prepares his income statement on a cash basis. E: (Click the icon to view the income statement.) On further investigation you find the following accrual balances. 3 (Click the icon to view the accrual balances.) Also, there should be depreciation of plant and equipment of $2,500 and bad and doubtful debts of $200. Prepare an accrual-based income stat Cash Opening balances Closing balances Accrual Revenue Account Amount +/ Amount +/- Accrual balances 120,000 36,000 End 84,000 Beginning 6,000 Accounts receivable 2,500 Gross profit Accounts payable (for inventory) Inventory Prepaid rent Prepaid insurance Accrued advertising 800 8,300 2,600 3,900 6,300 1,000 Expenses: 20,000 16,000 1,500 2,900 3,600 800 Nil 1,000 700 44,000 40,000 Print Done Done Total expenses Choose from any list or enter any number in the input fields and then continue to the next

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