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The adjusted trial balance of Flint Corporation at December 31 Dividends $5,600, Service Revenue $38,800,...

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Accounting

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The adjusted trial balance of Flint Corporation at December 31 Dividends $5,600, Service Revenue $38,800, Salaries and Wages Expense $13,700, Insurance Expense $1,850, Rent Expense $3,840, Supplies Expense $1.530, and Depreciation Expense $1,000, Prepare an income statement for the year. FLINT CORPORATION Income Statement December 31, 2022 Revenues $ $ $ In its first year of operations, Cullumber Company recognized $33,700 in service revenue, $6,700 of which was on account and still outstanding at year-end. The remaining $27,000 was received in cash from customers. The company incurred operating expenses of $17,100. Of these expenses, $13,300 were paid in cash; $3,800 was still owed on account at year-end. In addition, Cullumber prepaid $2,730 for insurance coverage that would not be used until the second year of operations. (a) Calculate the first year's net earnings under the cash basis of accounting, and the first year's net earnings under the accrual basis of accounting Accrual Basis Cash Basis $ Net Income S

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