Please do not give solution in image format thanku On January 1, 2023, Caroline Lampron and Jenni Meno formed a computer sales and service enterprise in Montreal by investing$88,200 cash. The new company, Marigold Sales and Service, had the following transactions in January:1.2.3.4.5.Paid $5,880 in advance for three months' rent of office, showroom, and repair space.Purchased 40 personal computers at a cost of $1,470 each, six graphics computers at a cost of $2,940 each, and 25 printersat a cost of $441 each, paying cash on delivery.Sales, repair, and office employees earned $12,348 in salaries during January, of which $2,940 was still payable at the end ofJanuary.Sold 30 personal computers for $2,499 each, four graphics computers for $4,410 each, and 15 printers for $735 each. Of thesales amounts, $73,500 was received in cash in January and $30,135 was sold on a deferred payment plan.Other operating expenses of $8,232 were incurred and paid for during January; $1,960 of incurred expenses were payable atJanuary 31. Using the transaction data above, prepare (1) a cash basis income statement and (2) an accrual basis income statement for themonth of January. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)Sales RevenueExpensesCost of computers & printers:Payments for GoodsOther ExpensesCost of Goods SoldSalaries and WagesRentTotal ExpensesNet Income /(Loss)Marigold Sales and ServiceIncome StatementFor the Month Ended January 31, 2023LA$LA$Cash BasistA$tAAccrual Basisi

The income statement gives useful information about a company's revenue-generating, spending…

On January 1, 2023, Caroline Lampron and Jenni Meno formed a computer sales and service enterprise in Montreal by investin $88,200 cash. The new company, Marigold Sales and Service, had the following transactions in January:

On January 1, 2023, Caroline Lampron and Jenni Meno formed a computer sales and service enterprise in Montreal by investin $88,200 cash. The new company, Marigold Sales and Service, had the following transactions in January:

SWFT Corp Partner Estates Trusts

42nd Edition

ISBN:9780357161548

Author:Raabe

Publisher:Raabe

Chapter3: Corporations: Introduction And Operating Rules

Section: Chapter Questions

Problem 60P

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