S3-1. (Learning Objective 1: Explain how accrual accounting differs from cash-basisaccounting) Southeast Corporation made sales of $950 million during 2018. Of this amount,Southeast collected cash for $876 million. The company’s cost of goods sold was $260 million,and all other expenses for the year totaled $275 million. Also during 2018, Southeast paid $410million for its inventory and $250 million for everything else. Beginning cash was $75 million.a. How much was Southeast’s net income for 2018?b. How much was Southeast’s cash balance at the end of 2018?

You are the new accountant for 12th National Bank and are preparing its 2019 statement of cash flows. The bank reports net income of $75,800 on its 2019 income statement. Included in this net income are the following items: $6,700 gain on sale of trading securities, $1,200 unrealized holding gain on trading securities, and $5,100 loss on sale of securities available for sale. Among its 2019 transactions, the bank sold trading securities with a carrying value of $22,900 for $29,600, and purchased trading securities for $65,200. The bank sold securities available for sale with a cost (and carrying value) of $58,700 for $53,600, and purchased securities available for sale for $39,400. It also made routine 90-day loans of $47,500 to customers and collected $20,000 principal on these customer loans. As a result of the preceding information, the bank’s trading securities account increased by $43,500, the securities available for sale account decreased by $19,300, and the loans receivable…

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