1. The following is a cash basis income statement for Sample Cafe's first month of operation. Calculate the total expenses and net income for the business. Sample Cafe Income Statement, Cash Basis Month Ended January 31, 20xx Revenue $40,000 Excludes $2,200 in receipts not yet deposited. Equipment $0 Purchased last month for $12,000 (5-year life). Insurance $600 Premium for whole year. Rent and Utilities $4,500 Includes $2,500 in rent and utility deposits. Coffee Purchased $2,300 Includes $100 worth thrown away. Cups Purchased $1,600 $700 still in inventory. Payroll $14,800 Owe $2,400 in taxes. Interest on Loan $200 Paid mid-month. Advertising/Promotion $12,000 $3,000 each week. Total Expenses Net Income