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Chapter 3 Homework Submit your answers in Canvas before it is due Use the following to answer questions 14 A company maintains its records using accrual basis accountinfi, however, their accountant wants to create a statement of cash flows and needs to determine the cath fow from operating activities. For simplicicy, we assume, Complete the T-accounts for ACCOUNTS RECEIVABLE and SALAAIES PAYABLE to help answer questions #1 \& 2. NOTE: ALL SERVCES PROVDED ARE ON ACCOUNT AND SALARES EKPENSE AAE RECORDED BCFOME THEY ARE PArD. 1. Determine the amount of cash collected from customers during the period: $ 2. Determine the amount for cash paid for sataries during the period: $ 3. Determine accrual basis net income for the period: $ 4. Determine cash basis net income for the period: $ Use the following to answer questions 56 Following is a February transaction for a company. Calculate the amount of expense to recognize in February. In February the company paid their employees $19,500;$16,200 for work performed in February and $3,300 for work performed in January. 5. Accrual basis expense: $ 6. Cash basis expense: $ Use the following to answer 78 Following is a February transaction for a company. Calculate the amount of revenue to recognize in February. In February the company performed $100,000 of service and they billed their customers. Customers paid $85,00 this month and will pay $15,000 next month. 7. Accrual basis revenue: $ 8. Cash basis revenue: 5