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Based on the following transactions, answer the following questions. i. Purchased inventory...

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Accounting

Based on the following transactions, answer the following questions.
i. Purchased inventory with a cost of $24,800 on account.
ii. Sales on account to customers totalled $57,800.
iii. Payments made to employees for wages totalled $17,700.
iv. Cash collections from customers settling their accounts totalled $41,700.
v. Invoice received from the utility company for $3,800 is due in 30 days.
vi. Payments totalling $16,900 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.
(a)
Your answer is partially correct.
Calculate the revenues, expenses, net income that would be reported on the cash basis. (Enter loss amounts using either a negative sign preceding the number e.g.-45 or parentheses e.g.(45).)

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