On January 1, 2025. Norma Smith and Grant Wood formed a computer sales and service company in Soapsville, Arkansas, by investing $90,176 cash. The new company, Nash Sales and Service, has the following transactions during January. 1. Pays $6,000 in advance for 3 months' rent of office, showroom, and repair space. 2. Purchases 42 personal computers at a cost of $1,604 each, 8 graphics computers at a cost of $2,604 each, and 27 printers at a cost of $404 each, paying cash upon delivery. 3. Sales, repair, and office employees earn $12,776 in salaries and wages during January, of which $3,176 was still payable at the end of January. 4. Sells 32 personal computers at $2,654 each, 6 graphics computers for $3.704 each, and 17 printers for $604 each; $75,176 is received in cash in January, and $42,244 is sold on a deferred payment basis. 5. Other operating expenses of $8,576 are incurred and paid for during January, $2,176 of incurred expenses are payable at January 31. Income Statement For the Month Ended January 31, 2025 (1) Cash Basis (2) Accrual Basis Revenues Expenses Cost of Computers \& Printers : Rent Salaries and Wages Other Operating Expenses Total Expenses Net Income / (Loss) eTextbook and Media List of Accounts Save for later Attempts: 1 of 5 use