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.

Njuly, noel & vang company purchased materials costing $23,100 and incurred direct labor cost of $19,800. manufacturing overhead totaled $35,200 for the month. information on inventories was as follows: july 1 july 31 materials $6,820 $7,810 work in process 770 1,320 finished goods 3,630 2,970 what was the cost of goods sold for july? a. $71,300 b. $71,100 c. $69,600 d. $77,220

What is credit and debit in accounting

Martinez company has the following two temporary differences between its income tax expense and income taxes payable. 2017 2018 2019 pretax financial income $873,000 $866,000 $947,000 (2017' 2018, 2019) excess depreciation expense on tax return (29,400 ) (39,000 ) (9,600 ) (2017' 2018, 2019) excess warranty expense in financial income 20,000 9,900 8,300 (2017' 2018, 2019) taxable income $863,600 $836,900 $945,700(2017' 2018, 2019) the income tax rate for all years is 40%. instructions: a. prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2017, 2018, and 2019. b. assuming there were no temporary differences prior to 2016, indicate how deferred taxes will be reported on the 2016 balance sheet. button's warranty is for 12 months. c. prepare the income tax expense section of the income statement for 2017, beginning with the line, "pretax financial income."