RevenuesExpensesRentSalaries and WagesOther Operating ExpensesCost of Computers & PrintersTotal ExpensesNet Income/(Loss)Income StatementFor the Year Ended January 31, 2025$(1) Cash Basis9,000$(2) Accrual Basis3,000 On January 1, 2025, Norma Smith and Grant Wood formed a computer sales and service company in Soapsville, Arkansas, by investing$91,772 cash. The new company, Blossom Sales and Service, has the following transactions during January.1.2.3.4.5.Pays $9,000 in advance for 3 months' rent of office, showroom, and repair space.Purchases 43 personal computers at a cost of $1,688 each, 9 graphics computers at a cost of $2,688 each, and 28 printers at acost of $488 each, paying cash upon delivery.Sales, repair, and office employees earn $14,372 in salaries and wages during January, of which $4,772 was still payable at theend of January.Sells 33 personal computers at $2,738 each, 7 graphics computers for $3,788 each, and 18 printers for $688 each; $76,772 isreceived in cash in January, and $52,482 is sold on a deferred payment basis.Other operating expenses of $10,172 are incurred and paid for during January; $3,772 of incurred expenses are payable atJanuary 31.

Cost of Goods sold under cash basis Vs Accrual basisWhen we buy finished goods or raw materials, we…

Answered: Revenues Income Statement For the Year…

Business

Accounting

Revenues Income Statement For the Year Ended January 31, 2025 (1) Cash Basis $ (2) Accrual Basis

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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