Based on the following transactions, answer the following questions. i. ii. iii. iv. v. VI. Credit sales to customers totalled $43,400. Cash sales totalled $142,600. Cash collections on account from customers totalled $37,200. Cost of goods sold during the period was $105,400. Payments made to suppliers of inventory totalled $93,000. Wages of $40,300 were paid during the year. In addition, wages of $3,100 remained unpaid at year end; there were no wages unpaid at the beginning of the year. Halfway through the year, a one-year insurance policy was purchased at a cost of $1,200. vii. Calculate the revenues, expenses, and net income that would be reported on the cash basis. (Enter loss amounts using either a negative sign preceding the number e.g.-45 or parentheses e.g. (45).) Revenues Expenses Net Income / (Loss) Calculate the revenues, expenses, and net income that would be reported on the accrual basis. (Enter loss amounts using either a negative sign preceding the number e.g.-45 or parentheses e.g. (45).) Revenues Expenses Net Income / (Loss)