Near the end of its first year of operations, December 31, 2021, Sheffield Designs Ltd. approached the local bank for a $19,500 loan and was asked to submit financial statements prepared on an accrual basis. Although the company kept no formal accounting records, it did maintain a record of cash receipts and payments. The following information is available for the year ended December 31:

		Cash Receipts		Cash Payments
Issue of common shares		$ 22,000
Fees earned		152,600
Equipment				$ 35,400
Supplies				9,300
Rent				21,710
Insurance				3,840
Income tax				6,400
Advertising				6,400
Salaries				59,300
Dividends declared				9,000
		$174,600		$151,350

Additional information:

1.		Fees from design work earned but not yet collected amounted to $2,630.
2.		The equipment was purchased at the beginning of January and has an estimated six-year useful life. The company uses straight-line depreciation.
3.		Supplies on hand on December 31 were $1,300.
4.		Rent payments included a $1,650 per month rental fee and a $1,910 deposit that is refundable at the end of the two-year lease. (Hint: Use the Prepaid Rent account for the refundable deposit.)
5.		The insurance was purchased on February 1 for a one-year period expiring January 31, 2022.
6.		Salaries earned for the last four days in December and to be paid in January 2022 amounted to $2,870.
7.		At year end, it was determined that an additional $6,800 is owed for income tax.

(a)

Calculate total revenue, total expense, and net income that would be reported if Sheffield Designs used the cash basis of accounting.

Total revenue		$
Total expense		$
Cash-based net income		$