During 20X7, Milky Way Corporation made sales of $4,600 (assume all on account) and collected cash of $4,800 from customers. Operating expenses totaled $1,100, all paid in cash. At year-end, 20X7, Milky Way customers owed the company $500. Milky Way owed creditors $1,200 on account. All amounts are in thousands. Requirements 1. For these facts, show what Milky Way reported on the following financial statements: Income statement Balance sheet 2. Suppose Milky Way had used the cash basis of accounting. What would Milky Way have reported for these facts? Requirement 1. For these facts, show what Milky Way reported on the following financial statements: Income Statement and Balance Sheet. Financial statement Accounts (in thousands) Income Statement Balance Sheet Requirement 2. Suppose Milky Way had used the cash basis of accounting. What would Milky Way have reported for these facts? If Milky Way used the cash basis of accounting, it would have reported only the in the amount of sthousands and the in the amount of $ thousands