Based on the following transactions, answer the following questions.

I. Inventory costing $57,400 was purchased on account

II. Inventory costing $49,200 was sold for $82,000. Eighty percent of the sales were for cash.

III. Cash collected from credit customers (those who bought on account) totalled $16,400.

IV. A lease was signed at the beginning of the year, requiring payments of $800. The rent for the first month was paid when the lease was signed. After that, the $800 rent was paid on the last day of each month, to cover the following month.

V. Supplies costing $4,500 were purchased for cash. At the end of the year, $400 of the supplies were still unused.

VI. Wages of 30,800 were paid during the year. Also, wages of $400 remained unpaid at year end.

Calculate the revenues, expenses and net income that would be reported on the accrual basis