(b) Your answer is incorrect. Calculate the revenues, expenses, net income that would...
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(b) Your answer is incorrect. Calculate the revenues, expenses, net income that would be reported on the accrual basis. (Enter loss amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Based on the following transactions, answer the following questions. i. Purchased inventory with a cost of $29,300 on account. ii. Sales on account to customers totalled $51,300. iii. Payments made to employees for wages totalled $13,900. iv. Cash collections from customers settling their accounts totalled $39,000. v. Invoice received from the utility company for $6,000 is due in 30 days. vi. Payments totalling $23,300 were made to suppliers to settle part of the balance owing to them. vii. Received a deposit of $2,100 from a customer for goods to be delivered next month
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(b) Your answer is incorrect. Calculate the revenues, expenses, net income that would be reported on the accrual basis. (Enter loss amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Based on the following transactions, answer the following questions. i. Purchased inventory with a cost of $29,300 on account. ii. Sales on account to customers totalled $51,300. iii. Payments made to employees for wages totalled $13,900. iv. Cash collections from customers settling their accounts totalled $39,000. v. Invoice received from the utility company for $6,000 is due in 30 days. vi. Payments totalling $23,300 were made to suppliers to settle part of the balance owing to them. vii. Received a deposit of $2,100 from a customer for goods to be delivered next month 