MetaMostert Music Company had the following transactions in March:

Sold music lessons to customers for $$14,150$; received $$10,150$ in cash and the rest on account.

Paid $$900$ in wages for the month.

Received a $$600$ bill for utilities that will be paid in April.

Received $$3,000$ from customers as deposits on music lessons to be given in April.

Required:

Based on the information above, prepare a cash basis and an accrual basis income statement.