Mostert Music Company had the following transactions in March:

a$.$ Sold music lessons to customers for $$16,350$; received $$10,950$ in cash and the rest on account.

b$.$ Paid $$1,050$ in wages for the month.

c$.$ Received a $$630$ bill for utilities that will be paid in April.

d$.$ Received $$3,150$ 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.

Complete this question by entering your answers in the tabs below.

Cash Basis

Accrual Basis

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