# 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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