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Raintree Corporation maintains its records on a cash basis. At the end of each year the companys accountant obtains the nece information to prepare accrual besis financial staterments. The following cash nows occurred during the year ended December 31 2018 Cash receipts: From customers Interest on note Issue of common stock $545,000 6,000 69,000 $628,8e0 6 Total cash receipts Cash disbursements: Purchase of merchandise Annual insurance payment Payment of salaries Dividends paid to shareholders Annual rent payment $239,8 8,800 199,000 6,800 19,800 $471,000 Total cash disbursements Selected balance sheet information: 12/31/17 12/31/18 s 44,880 $12e,eee 61,900 108,90e 79,000 128,080 Cash Accounts receivable Inventory Prepaid insurance Prepaid rent Interest receivable Note receivable Equipment Accumulated depreciation -equipment Accounts payable (for merchandise) Salaries payable Common stock 2,080 6,000 3,400 69,000 69,000 188,000 188,000 (59,e0a) (93,e00) 69,000 1ee,e00 39,00066,00 390,000 440,0 HP Support 1-800-490-03
1 On June 30, 2017, Raintree lent a customer $69.000. Interest at 8% is payable annually on each June 30 Principal is due in 2021. 2. The annual insurance payment is made in advance on March 31 3. Annual rent on the companys faclities is paid in advance on September 30, Required: 1. Prepare an accrual basis income statement for 2018 (ignore income taxes). ncome Statement For the Year Ended 2. Determine the following balance sheet amounts on December 31, 2018 < Prev of 19Next > ere to search HP Support 1-800-490-0334
2 Determine the following balance sheet amounts on December 31. 2018: a. Interest receivable Prepaid insurance c. Prepaid rent HP Support 1 here to search
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