Need assitance on these Income statement problems. Its a 2 part - I'm mainly...
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Accounting
Need assitance on these Income statement problems. Its a 2 part - I'm mainly struggling with accural basis, but need help on cash as well. Thank you!
Mostert Music Company had the following transactions in March: a. Sold music lessons to customers for $11,400; received $6,800 in cash and the rest on account. b. Paid $655 in wages for the month. c. Received a $620 bill for utilities that will be paid in April. d. Received $3,250 from customers as deposits on music lessons to be given in April. Required: Based on the information above, prepare a cash basis and an accrual basis income statement. Complete this question by entering your answers in the tabs below. Based on the information above, prepare a cash basis income statement. Mostert Music Company had the following transactions in March: a. Sold music lessons to customers for $11,400; received $6,800 in cash and the rest on account. b. Paid $655 in wages for the month. c. Received a $620 bill for utilities that will be paid in April. d. Received $3,250 from customers as deposits on music lessons to be given in April. Required: Based on the information above, prepare a cash basis and an accrual basis income statement. Complete this question by entering your answers in the tabs below. Based on the information above, prepare a cash basis income statement
Its a 2 part - I'm mainly struggling with accural basis, but need help on cash as well.
Thank you!


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