Ace Trucking Company was organized on January 1, 2010. At the end of the first quarter (three months) of operations, the owner prepared a summary of its activities as shown in the first row of the following tabulation:

Required:
1. For each of the six transactions given in this tabulation, enter what you consider the correct amounts. Enter a zero when appropriate. The first transaction is illustrated.
2. For each transaction, explain the basis for your dollarresponses.

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Computation of Summary of Transactions Income Cash a. Services performed for customers, $66,000, of which $11,000 remained uncollected at the end of the quarter. +$66,000S55,000 b. Cash borrowed from the local bank, $35,000 (one-year note). c. Small service tru ck purchased at the end of the quarter to be used in the business for two years starting the next quarter: cost, $9,500 cash. d. Wages earned by employees, $23.000, of which one-half remained unpaid at the end of the quarter e. Service supplies purchased for use in the business, $3.800 cash, of which $900 were unused (still on hand) at the end of the quarter. Other operating expenses, $39.000, of which S6.500 remained unpaid at the end of the quarter. f. Based only on these transactions, compute the following for the quarter: Income (or loss) Cash inflow (or outflow)