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Based on the following transactions, calculate the revenues, expenses, net income that would be reported...

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Question

Accounting

Based on the following transactions, calculate the revenues, expenses, net income that would be reported on the accrual basis:

  1. Purchased inventory with a cost of $23,000 on account.
  2. Sales on account to customers totaled $56,000.
  3. Payments made to employees for wages totalled $18,000.
  4. Cash collections from customers settling their accounts totalled $41,000.
  5. Invoice received from the utility company for $3,800 is due in 30 days.
  6. Payments totaling $19,000 were made to suppliers to settle part of the balance owing to them.
  7. Received a deposit of $2,200 from a customer for goods to be delivered next month.

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