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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. Calculate the revenue,expenses and net income

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