Cash$-$Basis and Accrual$-$Basis Income

Martin Sharp operates a lawn mower repair business. He maintains an inventory of repair parts that are purchased from a wholesale supplier. Martin's records show the following

information for the first $3$ months $($January$,$ February, and March$)$ of the year.

Required:

If computation results in a loss, enter value beginning with a minus sign.

Ignoring expenses other than repair parts, calculate net income for each of the $3$ months of the current year on a cash basis.

January

February

March

Ignoring expenses other than repair parts, calculate net income for each of the $3$ months of the current year on an adtrual basis.

January

February

March