5 points eBook P1-3 (Algo) Comparing Income with Cash Flow LO1-1 Huang Trucking Company was organized on January 1. At the end of the first quarter (three months) of operations, the owner prepared a summary of its activities as shown in the first row of the following tabulation Required: 1. For each of the six transactions given in this tabulation, enter what you consider to be the correct amounts. The first transaction is illustrated. (Amounts to be deducted and losses/outflows should be indicated with a minus sign.) References Summary of Transactions Services performed for customers, $73,000, of which $12,000 remained uncollected at the end of the quarter b Cash borrowed from the local bank, $51,000 (one-year note). c d B Small service truck purchased at the end of the quarter to be used in the business for two years starting the next quarter cost $10,500 cash. Wages earned by employees, $22,200, of which one-half remained unpaid at the end of the quarter Service supplies purchased for use in the business, $4,250 cash, of which $990 were unused (still on hand) at the end of the quarter Other operating expenses, $36,000, of which $7 300 remained unpaid at the end of the quarter 9 Based only on these transactions, compute the following for the quarter Income (or loss) Cash inflow (or outflow) Computation of Income Cash S 73,000 $ 61,000