Mostert Music Company had the following transactions in March: a. Sold music lessons to customers...
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Mostert Music Company had the following transactions in March: a. Sold music lessons to customers for $16,350; received $10,950 in cash and the rest on account. b. Paid $1,050 in wages for the month. c. Received a $630 bill for utilities that will be paid in April. d. Received $3,150 from customers as deposits on music lessons to be given in April. Based on the information above, prepare a cash basis and an accrual basis income statement. Complete this question by entering your answers in the tabs below. Cash Basis Accrual Basis Based on the information above, prepare a cash basis income statement. MOSTERT MU SIC COMPANY Cash Basis Income Statement Revenues Cash Sales Customer Deposits Total Revenues Expenses Salaries and Wages Paid Cash Income 00 Complete this question by entering your answers in the tabs below. Cash Basis Accrual Basis Based on the information above, prepare an accrual basis income statement. MOSTERT MUSIC COMPANY Accrual Basis Income Statement Revenues Sales Expenses Salaries and Wages Expense Utilities Expense Total Expenses Net Income Cash Basis Accrual Basis >
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