Application Problem 2-2A a-b Based on the following transactions, answer the following questions. Credit sales to customers totalled $39,200. Cash sales totalled $128,400. Cash collections on account from customers totalled $33,600. Cost of yoods sold Juring the period was 595,200. Payments made to suppliers of inventory totaller $84,000. Wages of $36,400 were paid during the year. In addition, whes of $2,800 remained unpaid at year end; there were no wages unpaid at the heinning Haltway through the year, a one-year insurance policy was purchased at a cost of $1,100. v. VI. vii. Calculate the revenues, expenses, and net income that would be reported on the cash hass. (Inter m ounts using either a negative sign preced Revenues 162,400 Expenses Net Income / (Loss) Calculate the revenues expenses, and net income that would be reported on the accrual basis. (Enter loss amounts using either a negative signp (45) Revenues 168,000 Expenses Net Income / (Loss)