Skidmore Music Company had the following transactions in March: a. Sold instruments to customers for...
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Skidmore Music Company had the following transactions in March: a. Sold instruments to customers for $16,800; received $10,700 in cash and the rest on account. The cost of the instruments was $7,100. b. Purchased $4,500 of new instruments inventory; paid $1100 in cash and owed the rest on account. c. Paid $640 in wages to employees who worked during the month. d. Received $3,800 from customers as deposits on orders of new instruments to be sold to the customers in April e. Received a $120 bill for March utilities that will be paid in April Complete the following statements: Cash Basis Income Statement Accrual Basis Income Statement Revenues Cash sales Customer deposits Expenses Inventory purchases Wages paid Revenues Sales to customers Expenses Cost of sales Wages expense Utilities expense Net income Net income
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