Martin Sharp operates a lawn mower repair business. He maintains an inventory of repair parts that...

 

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Martin Sharp operates a lawn mower repair business. He maintains an inventory of repair parts that are purchased from a wholesale supplier. Martin's records sh following information for the first 3 months (January, February, and March) of the year. January February March Required: Cash Collected for Repair Work $2,500 1,945 1,960 Amounts Billed to Customers $820 0 695 Cash Payments to Supplier Cost of Parts Used in Repairs $710 $635 440 295 0 390 If computation results in a loss, enter value beginning with a minus sign. 1. Ignoring expenses other than repair parts, calculate net income for each of the 3 months of the current year on a cash basis. January February x x 1,960 March 2. Ignoring expenses other than repair parts, calculate net income for each of the 3 months of the current year on an accrual basis. January February March Martin Sharp operates a lawn mower repair business. He maintains an inventory of repair parts that are purchased from a wholesale supplier. Martin's records sh following information for the first 3 months (January, February, and March) of the year. January February March Required: Cash Collected for Repair Work $2,500 1,945 1,960 Amounts Billed to Customers $820 0 695 Cash Payments to Supplier Cost of Parts Used in Repairs $710 $635 440 295 0 390 If computation results in a loss, enter value beginning with a minus sign. 1. Ignoring expenses other than repair parts, calculate net income for each of the 3 months of the current year on a cash basis. January February x x 1,960 March 2. Ignoring expenses other than repair parts, calculate net income for each of the 3 months of the current year on an accrual basis. January February March