Mostert Musi Company had the following transactions in March:
a.) Sold instruments to customers for $10,000; received$6,000 in cash and teh rest on account. The cost of the instrument was $7,000
b.) Purchased $4,000 of new instruments; paid $1,000 in cashand 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 orders ofnew instruments to be sold to the customers in April
Complete the following statement:
Cash basis income statement
Reveunues:
Cash sales $
Customer Deposits
Expenses:
Inventory purhcases
Wages paid
Cash Income $
Accrual basis income statement
Revenues:
Sales to customers $
Expenses:
Cost of sales
Wage expense
Utilities expense
Net income $