CASH AND ACCRUAL BASIS OF ACCOUNTING

Using the data below,prepare abbreviated income statements for the year 2003 and 2004 on cash basis. Cash receipts from sales: 2003 2004 2005 on 2003 sales \$295,000 \$160,000 \$30,000 On 2004 sales 0 355,000 90,000 On 2005 sales

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