Minutemen Law Services maintains its books using cash-basis accounting. However, the company decides to borrow $100,000 from a local bank, and the bank requires Minutemen to provide annual financial statements prepared using accrual-basis accounting as part of the credit worthiness verification. During 2021, the company records the following cash flows: Cash collected from customers $60,000
Cash paid for:
Salaries $35,000
Supplies 3,000
Rent 4,000
Insurance 6,000
Utilities 2,000 50,000
Net cash flows $10,000

You are able to determine the following information:

January 1, 2012 December 31,2012
Accounts Receivable $20,000 22,000
Prepaid Insurance 0 3200
Supplies 4000 1500
Salaries Payable 2200 34000

In addition, depreciation on the company’s equipment is $8,000 for the year.

Required:
Prepare an accrual-basis income statement for the year ended December 31, 2012.

What has caroline's payment history been like? support your answer with two examples

University hero is considering expanding operations beyond its healthy sandwiches. jim axelrod, vice president of marketing, would like to add a line of smoothies with a similar health emphasis. each smoothie would include two free health supplements such as vitamins, antioxidants, and protein. jim believes smoothie sales should fill the slow mid-afternoon period. adding the line of smoothies would require purchasing additional freezer space, machinery, and equipment. jim provides the following projections of net sales, net income, and average total assets in support of his proposal. sandwichesonly sandwiches and smoothies net sales $ 750,000 $ 1,350,000 net income 120,000 210,000 average total assets 350,000 750,000 return on assetschoose numerator ÷ choose denominator = return on assets÷ = return on assets÷ = profit margin÷ = profit margin÷ = asset turnover÷ = asset turnover÷ = times

At the end of the current year, accounts receivable has a balance of $550,000; allowance for doubtful accounts has a credit balance of $5,500; and sales for the year total $2,500,000. an analysis of receivables estimates uncollectible receivables as $25,000. determine the net realizable value of accounts receivable after adjustment. (hint: determine the amount of the adjusting entry for bad debt expense and the adjusted balance of allowance of doubtful accounts.)