A Month in the Life of a Faculty from cash vs. accrual accounting perspective

The Faculty provides web design services to a number of clients and has been using the cash basis of accounting. It used a spread-sheet to keep up with the business's cash receipts and payments. Total cash on hand increased by $15732.70 (from $7911.12 to $23643.82) during the month.

The following additional information is gathered in the process of preparing the accrual-based income statement:

Revenues:

-    The $9000 deposit on April 7 was an advance payment for work to be performed equally during April, May, and June.

-    The $11788.45 deposit on April 20 was collection of an account for which the work was performed during January and February.

-    During April, services valued at $2000 were performed and billed, but not yet collected.

Expenses:

-    Payroll -- The $700 payment on April 3 related $650 to the prior month. An additional $350 is accrued by the end of April, but not paid.

-    Rent -- The amount paid corresponded to the amount used.

-    Server -- The $1416.22 payment on April 15 related $500 to prior month's usage.

-    Administrative -- An additional $600 is accrued by the end of April, but not paid.

Fill in the boxes to prepare the cash-basis and accrual-basis income statement (IS), by using the information from the spread-sheet and the additional information provided.

 NOTE! All numbers should be fill in using 2 decimals (ex. 300.00)