Sample Cafe Transactions Item Notes 8,300 medium cups of coffee sold at $3.00 each Includes 500 medium cups medium cups sold to the college and delivered to a reception that has been invoiced, but not yet paid. 4,400 large cups of coffee sold at $4.00 each Espresso maker purchased last year for $12,600 5-year life $480 premium for business insurance Premium for full year $3,300 for rent Includes $2,100 in rent deposits. $2,400 for coffee beans Includes coffee discarded valued at $100 $1,700 for coffee cups O cups in inventory at the beginning of January. $600 worth of cups still in inventory at the end of month. $15,300 to employees for payroll $2,400 owed in payroll taxes $300 of interest on loan Paid mid-month $900 for electricity and water Includes $500 in utility deposits $13,200 in advertising $3,300 per week billed monthly Now use the transaction information to create a Accrual-Based Income Statement for January using the following template. Account Balance Revenues Cost of Goods Sold so Gross Margin, or Gross Profit 0 Expenses Salaries and Wages Account Balance Revenues $ 0 Cost of Goods Sold $ 0 Gross Margin, or Gross Profit $ 0 Expenses Salaries and Wages $ 0 Rent and Utilities $ 0 Advertising $ 0 Insurance $ 0 Equipment Depreciation $ 0 Interest $ 0 Total Expenses $ 0 Net Income $ 0 Use the Accrual-Based Income Statement you created above to answer the following questions