Cash Basis VS.

Accrual Basis
Statement of Comprehensive Income
For Year Ended December 31, 2020 Accounts Receivable
Accrual Basis
Beginning XX
Net sales XX XX
Sales XX Collection
Cost of Goods Sold (XX)
Recovery XX XX Collect. WO
Gross Profit XX
XX Write off
Other Income XX
Operating Expense (XX) XX Return
XX Discount
Profit Before Tax XX

Ending XX
Cash Basis VS. Accrual Basis
Statement of Comprehensive Income
For Year Ended December 31, 2020 Inventory, Beg XX
Accrual Basis Purchases XX

Net sales XX Inventory, End (XX)

Cost of Goods Sold (XX) Cost of goods sold XX
Gross Profit XX
Other Income XX
Operating Expense (XX) Accounts Payable

Profit Before Tax XX XX AP, Beg

Payment XX
XX Purchases
Return XX
Discount XX

XX AP, End
Cash Basis VS. Accrual Basis
Statement of Comprehensive Income
For Year Ended December 31, 2020 Accrued Income
Accrual Basis
Beginning XX
Net sales XX
Cost of Goods Sold (XX)
Other income XX XX Collection
Gross Profit XX
Other Income XX
Ending XX
Operating Expense (XX)
Profit Before Tax XX
Cash Basis VS. Accrual Basis
Statement of Comprehensive Income
For Year Ended December 31, 2020 Unearned Income
Accrual Basis
XX Beginning
Net sales XX
Cost of Goods Sold (XX)
Other income XX XX Collection
Gross Profit XX
Other Income XX XX Ending
Operating Expense (XX)
Profit Before Tax XX
Cash Basis VS. Accrual Basis
Statement of Comprehensive Income
For Year Ended December 31, 2020 Prepaid Expense
Accrual Basis
Beginning XX
Net sales XX
Cost of Goods Sold (XX) Expense
Payment XX XX
Gross Profit XX incurred

Other Income XX
Ending XX
Operating Expense (XX)
Profit Before Tax XX
Cash Basis VS. Accrual Basis
Statement of Comprehensive Income
For Year Ended December 31, 2020 Accrued Expense
Accrual Basis
XX Beginning
Net sales XX
Cost of Goods Sold (XX) Expense
Payment XX XX
Gross Profit XX Incurred

Other Income XX XX Ending

Operating Expense (XX)
Profit Before Tax XX
Cash Basis VS. Accrual Basis
Statement of Comprehensive Income
For Year Ended December 31, 2020 Accounts Receivable
Cash Basis
Beginning XX
Net sales XX XX
Sales XX Collection
Cost of Goods Sold (XX)
Recovery XX XX Collect. WO
Gross Profit XX
XX Write off
Other Income XX
Operating Expense (XX) XX Return
XX Discount
Profit Before Tax XX

Ending XX
Cash Basis VS. Accrual Basis
Statement of Comprehensive Income
For Year Ended December 31, 2020 Inventory, Beg XX
Cash Basis Purchases XX

Net sales XX Inventory, End (XX)

Cost of Goods Sold (XX) Cost of goods sold XX
Gross Profit XX
Other Income XX
Operating Expense (XX) Accounts Payable

Profit Before Tax XX XX AP, Beg

Payment XX
XX Purchases
Return XX
Discount XX

XX AP, End