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.