E3_19 _ BE3_11.docx - E3-19 Wayne Rogers Corp maintains its...

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E3-19Wayne Rogers Corp. maintains its financial records on the cash basis of accounting. Interested insecuring a long-term loan from its regular bank, Wayne Rogers 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 data201920202021Cash receipts from sales:On 2016 sales$295,000$160,000$30,000On 2017 sales–0–355,00090,000On 2018 sales408,000Cash payments for expenses:On 2016 expenses185,00067,00025,000On 2017 expenses40,000a160,00055,000On 2018 expenses

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