Based on the following transactions, calculate the revenues and expenses that would be reported (a) on the cash basis and (b) on the accrual basis:

a.	Credit sales to customers totalled $52,100.
b.	Cash sales totalled $149,550.
c.	Cash collections on account from customers totalled $52,100.
d.	Cost of goods sold during the period was $24,550.
e.	Payments made to suppliers of inventory totalled $51,500.
f.	Wages of $28,550 were paid during the year. In addition, wages of $1,860 remained unpaid at year end; there were no wages unpaid at the beginning of the year.
g.	Halfway through the year, a one-year insurance policy was purchased at a cost of $2,560.
h.	At the end of the year the company paid $2,940 for the first 3 months rent for the upcoming year.

	(a) on the cash basis		(b) on the accrual basis
	Revenues	Expenses	Revenues	Expenses
a.
b.
c.
d.
e.
f.
g.
h.