Question

View Policies Current Attempt in Progress On January 1, 2020, Norma Smith and Grant Wood formed a computer sales and service company in Soapsville, Arkansas, by investing $90,404 cash. The new company, Concord Sales and Service, has the following transactions during January 1 2. 3. Pays $12,000 in advance for 3 months' rent of office, showroom, and repair space. Purchases 45 personal computers at a cost of $1,616 each, 11 graphics computers at a cost of $2,616 each, and 30 printers at a cost of $416 each, paying cash upon delivery. Sales, repair, and office employees earn $13,004 in salaries and wages during January, of which $3,404 was still payable at the end of January Sells 35 personal computers at $2,666 each, 9 graphics computers for $3,716 each, and 20 printers for $616 each; $75,404 is received in cash in January, and $63,670 is sold on a deferred payment basis. Other operating expenses of $8,804 are incurred and paid for during January: $2,404 of incurred expenses are payable at January 31. 4. 5. (a) Using the transaction data above, prepare (1) a cash-basis income statement and (2) an accrual-basis income statement for the month of January (Enter loss using either a negative sign preceding the number, eg.-45 or parentheses eg. (45).) CONCORD SALES AND SERVICE Income Statement (1) Cash Basis (2) Accrual Basis V e Textbook and Media List of Accounts Save for Later Attempts: 0 of 5 used Submit Answer

Answer 1

Question Sheetv7 - Microsoft Excel x Cla Home Insert Page Layout Formulas Data Review View Developer QuickBooks (?) X AutoSum - Calibri 11 Α Α΄ Wrap Text General Fill - * Cut E Copy Paste Format Painter Clipboard B I U Merge & Center $ - % 1 .00 .00.0 Insert Delete Format Conditional Format Cell Formatting as Table Styles Styles 2 Clear - Sort & Find & Filter - Select - Editing Font E Alignment E Number Cells C B33 A B с D E F G H J K L M N o P Q 17 18 19 20 21 22 Accrual Basis 23 139074 24 Concord Sales and Service Income Statement For the month ended JANUARY, 2020 Cash Basis Revenue 75,404 Expenses: Cost of goods sold 113976 Rent expense 12,000 Salary and wages 9,600 Other Operating Expense 8,804 Other Operating Expense 144,380 Net Income/(Loss) (68,976) 25 88424 26 4000 13004 27 28 29 11208 116,636 22,438 30 31 32 33 34 35 36 37 38 39 Activate Windows Go to PC settings to activate Windows 40 KI Ready Sheet2799 Sheet2801 Sheet2806 Sheet2807 Sheet2808 Sheet2809 Sheet2810 Sheet2811 Sheet2812 Sheet2813 Sheet2814 BOU 100% + ik 6:18 AM 22/09/20

x Cla Home Insert Page Layout Formulas Data Review View (?) X 123 fx Question Sheetv7 - Microsoft Excel Developer QuickBooks a Define Name - Trace Precedents 5 Show Formulas f Use in Formula Trace Dependents Error Checking - Name Manager Create from Selection via Remove Arrows - f: Evaluate Formula Defined Names Formula Auditing Calculate Now Insert Function Σ AutoSum Recently Financial Logical Text Date & Lookup & Math More Used - Time - Reference & Trig - Functions Function Library 0 Watch Window Calculation Calculate Sheet Options Calculation B33 А B. с D E F G H 17 18 19 20 21 Concord Sales and Service Income Statement For the month ended JANUARY, 2020 Cash Basis 75404 22 Accrual Basis =35*2666+9*3716+20*616 23 24 25 =35*1616+9*2616+20*416 4000 26 Revenue Expenses: Cost of goods sold Rent expense Salary and wages Other Operating Expense Other Operating Expense Net Income/(Loss) 27 13004 -45*1616+11*2616+30*416 12000 =13004-3404 8804 =SUM(C25:C28) =C23-C29 28 29 =8804+2404 =SUM(D25:D28) =D23-D29 30 31 32 33 34 35 36 37 38 39 Activate Windows Go to Pd settings to activate Windows. 40 KI Ready Sheet2799 Sheet2801 Sheet2806 Sheet2807 Sheet2808 Sheet2809 Sheet2810 Sheet2811 Sheet2812 Sheet2813 Sheet2814 1 + BOU 100% - HR! 6:18 AM 22/09/20