Reference no: EM13256615
Reporting Cash Basis versus Accrual BasisIncome
Mostert Music Company had the following transactions inMarch:
a. Sold instruments to customers for $10,000; received$6,000 in cash and the rest on account. The cost of the instrumentswas $7,000.
b. Purchased $4,000 of new instruments inventory; paid$1,000 in cash and owed the rest on account.
c. Paid $600 in wages for the month.
d. Received a $200 bill for utilities that will be paidin April.
e. Received $1,000 from customers as deposits on ordersof new instruments to be sold to the customers in April. Completethe following statements:
_________________________________________________________________________________
Cash Basis Income Statement Accrual Basis IncomeStatement
Revenues: Revenues:
Cash sales $ Sales to customers $
Customer deposits
Expenses: Expenses:
Inventory purchases Cost of sales
Wages paid Wages expense
Utilities expense
_______ ________
Cash income $______ Net income $_______
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