Blossom & Associates maintains its records on the cash basis. You have been engaged to convert its cash basis income statement to the accrual basis. The cash basis income statement, along with additional information, follows: Blossom & Associates
Income Statement (Cash Basis)
For the Year Ended December 31, 2020
Cash receipts from customers
$434,400
Cash payments:
Salaries and wages $168,800
Income taxes 68,500
Insurance 38,900
Interest 29,100 305,300
Net income
$129,100

Additional information:

Balances at 12/31
2020 2019
Accounts receivable
$47,200
$28,400
Salaries and wages payable
10,500 19,100
Income taxes payable
25,900 18,000
Prepaid insurance
9,900 4,100
Accumulated depreciation
89,900 85,200
Interest payable
2,730 9,200

No plant assets were sold during 2020.

Prepare the income statement as per accrual basis.

Sodas in a can are supposed to contain an average of 12 ounces. this particular brand has a standard deviation of 0.1 ounces, with an average of 12.1 ounces. if the can's contents follow a normal distribution, what is the probability that the mean contents of a six pack are less than 12 ounces?

The uno company was formed on january 2, year 1, to sell a single product. over a 2-year period, uno’s acquisition costs have increased steadily. physical quantities held in inventory were equal to 3 months’ sales at december 31, year 1, and zero at december 31, year 2. assuming the periodic inventory system, the inventory cost method which reports the highest amount for each of the following is inventory december 31, year 1/ cost of sales year 2 a: lifo fifo b: lifo lifo c: fifo fifo d: fifo lifo

The following selected circumstances relate to pending lawsuits for erismus, inc. erismus’s fiscal year ends on december 31. financial statements are issued in march 2019. erismus prepares its financial statements according to u. s. gaap. required: indicate the amount erismus would record as an asset, liability, or not accrued in the following circumstances. 1. erismus is defending against a lawsuit. erismus's management believes the company has a slightly worse than 50/50 chance of eventually prevailing in court, and that if it loses, the judgment will be $1,000,000. 2. erismus is defending against a lawsuit. erismus's management believes it is probable that the company will lose in court. if it loses, management believes that damages could fall anywhere in the range of $2,000,000 to $4,000,000, with any damage in that range equally likely. 3. erismus is defending against a lawsuit. erismus's management believes it is probable that the company will lose in court. if it loses, management believes that damages will eventually be $5,000,000, with a present value of $3,500,000. 4. erismus is a plaintiff in a lawsuit. erismus's management believes it is probable that the company eventually will prevail in court, and that if it prevails, the judgment will be $1,000,000. 5. erismus is a plaintiff in a lawsuit. erismus’s management believes it is virtually certain that the company eventually will prevail in court, and that if it prevails, the judgment will be $500,000.