Mostert Music Company had the following transactions in March:

A. Sold music lessons to clients for $13,950; received $9,350 in cash and the rest on account.

b. He paid $660 in wages per month.

C. You received a $400 utility bill to be paid in April.

d. He received $2,450 from clients as deposits on music lessons to be given in April.

1. Based on the above information, prepare an income statement on a cash basis and on an accrual basis.

Answer rating: 100% (QA)

Revenues Sales Customer Deposits Total Revenues Revenues Sa... View the full answer