Coronado corp. maintains its financial records on the cash basis of accounting. interested in securing a long-term loan from its regular bank, coronado 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 2013 sales 296,060 167,500 30,470
on 2014 sales 358,890 96,530
on 2015 sales 415,380
cash payments for expenses:
on 2013 expenses 188,670 75,730 33,950
on 2014 expenses 45,800 a 171,340 64,610
on 2015 expenses 46,590b 221,560
a-prepayments of 2014 expenses.
b-prepayments of 2015 expenses.
using the data above, prepare abbreviated income statements for the years 2016 and 2017 on the cash basis.

Which of the following most accurately describes how the equilibrium price of a good or service can be determined? a. by moving the supply curve right or left until it matches the demand curve. b. by finding where the supply curve and the demand curve intersect. c. by doing market research to determine the maximum price consumers will pay. d. by taking the opposite of the columns in a supply schedule and a demand schedule.

What common business mistake can cost you everything

The mccolls have made an offer on a new home. the home is new construction and scheduled to be completed by the end of the year. they provide a purchase deposit--a check in the amount of $40,000--to their agent, suzette. suzette, at the broker's direction, deposits the earnest money in the broker's trust fund account within two business days of receipt of the funds. did suzette follow the proper procedures? a. no, the check should not have been cashed. if a check is used as an earnest money deposit, it is to be held until acceptance of the offer. the seller must also be informed the buyer's check is being held and not negotiated.b. yes, suzette deposited the earnest money in the broker's trust fund account as directed. she also deposited the check within three business days of receipt. unless there were written instructions to hold the check until acceptance of the offer, the check may be cashed.c. no, suzette needed to deposit the earnest money in the broker's trust fund account within two days of receipt, not necessarily two business days.d. both a and c