On January 1, 2020, Norma Smith and Grant Wood formed a computer sales and service company in Soapsville, Arkansas, by investing $91,240 cash. The new company, Tamarisk Sales and Service, has the following transactions during January. 1. 2. 3. 4. 5. Pays $9,000 in advance for 3 months' rent of office, showroom, and repair space. Purchases 41 personal computers at a cost of $1,660 each, 7 graphics computers at a cost of $2,660 each, and 26 printers at a cost of $460 each, paying cash upon delivery. Sales, repair, and office employees earn $13,840 in salaries and wages during January, of which $4,240 was still payable at the end of January. Sells 31 personal computers at $2,710 each, 5 graphics computers for $3,760 each, and 16 printers for $660 each; $76,240 is received in cash in January, and $37,130 is sold on a deferred payment basis. Other operating expenses of $9,640 are incurred and paid for during January; $3,240 of incurred expenses are payable at January 31. (2) Accrual Basis Using the transaction data above, prepare (1) a cash-basis income statement and (2) an accrual-basis income statement for the month of January. (Enter loss using either a negative sign preceding the number, e.g. -45 or parentheses e.g. (45).) TAMARISK SALES AND SERVICE Income Statement (1) Cash Basis > +A EA $ EA Using the transaction data above, prepare (1) a cash-basis balance sheet and (2) an accrual-basis balance sheet as of January 31, 2020. (List assets in order of liquidity.) Assets TAMARISK SALES AND SERVICE Balance Sheet Liabilities and Owners' Equity EA $ (1) Cash Basis FA 6A EA $ $ (2) Accrual Basis $ EA EA EA $