Based on the following transactions, answer the following questions.
i. Purchased inventory with a cost of $20,600 on account.
ii. Sales on account to customers totalled $56,600.
iii. Payments made to employees for wages totalled $14,000.
iv. Cash collections from customers settling their accounts totalled $39,100.
v. Invoice received from the utility company for $5,400 is due in 30 days.
vi. Payments totalling $15,600 were made to suppliers to settle part of the balance owing to them.
vii. Received a deposit of $3,900 from a customer for goods to be delivered next month.
(a)
Calculate the revenues, expenses, net income that would be reported on the cash basis. (Enter loss amounts using either a negative
sign preceding the number e.g. -45 or parentheses e.g. (45).)
Revenues
$
Expenses
$
Net Income/(Loss)
$