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On January 1, 2020, Norma Smith and Grant Wood formed a computer sales and service company...

Question:

On January 1, 2020, Norma Smith and Grant Wood formed a computer sales and service company in Soapsville, Arkansas, by investing $90,708 cash. The new company, Bonita Sales and Service, has the following transactions during January.

1. Pays $6,000 in advance for 3 months’ rent of office, showroom, and repair space.
2. Purchases 44 personal computers at a cost of $1,632 each, 10 graphics computers at a cost of $2,632 each, and 29 printers at a cost of $432 each, paying cash upon delivery.
3. Sales, repair, and office employees earn $13,308 in salaries and wages during January, of which $3,708 was still payable at the end of January.
4. Sells 34 personal computers at $2,682 each, 8 graphics computers for $3,732 each, and 19 printers for $632 each; $75,708 is received in cash in January, and $57,344 is sold on a deferred payment basis.
5. Other operating expenses of $9,108 are incurred and paid for during January; $2,708 of incurred expenses are payable at January 31.

(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.

(b) Using the transaction data above, prepare (1) a cash-basis balance sheet and (2) an accrual-basis balance sheet as of January 31, 2020.


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