Additional information: 1 Fees from design work earned but not yet collected amounted to $2,360 2. The equipment was purchased at the beginning of January and has an estimated six-year useful life. The company uses straight-line depreciation 3. Supplies on hand on December 31 were $1,140. 4. Rent payments included a $1.510 per month rental fee and a $1.970 deposit that is refundable at the end of the two-ye lease. (Hint: Use the Prepaid Rent account for the refundable deposit) 5. The insurance was purchased on February 1 for a one-vear period expiring January 31 2022 6. Salaries earned for the last four days in December and to be paid in January 2022 amounted to 53.260 7 At year end, it was determined that an additional $6.500 is owed for income tax Near the end of its first year of operations, December 31, 2021. Sheffield Designs Ltd. approached the local bank for a $20,800 isan and was asked to submit financial statements prepared on an accrual basis. Although the company kept no formal accounting record it did maintain arecord of cash receipts and payments. The following information is available for the year ended December 31 Issue of common shares Fees earned Cash Receipts Cash Payments $ 21,600 151,300 $ 37.200 Equipment Supplies 8.300 20.090 Rent 3.840 Insurance 100 Income tax 6.300 Advertisins 55.500 Saises Dfolder der $145.00 5172900 X Your answer is incorrect Calculate total revenue, total expense, and net income that would be reported if Sheffield Designs used the cash bi accounting Total revenue 153,660 N Total expense un 112.650 Cash-based net income S 51.70 e Textbook and Media List of Accounts Attempts: 1 of 3 used