Based on the following transactions, calculate the revenues, expenses, net income that would be reported
(a) On the cash basis and 

(b) On the accrual basis
i. Purchased inventory with a cost of $23,000 on account. 

ii. Sales on account to customers totalled $56,000. 

iii. Payments made to employees for wages totalled $18,000. 

iv. Cash collections from customers settling their accounts totalled $41,000. 

v. Invoice received from the utility company for $3,800 is due in 30 days. 

vi. Payments totalling $19,000 were made to suppliers to settle part of the balance owing to them. 

vii. Received a deposit of $2,200 from a customer for goods to be delivered next month.