On January 1, 2025, Norma Smith and Grant Wood formed a computer sales and service company in Soapsville, Arkansas, by investing $91,468 cash. The new company, Waterway Sales and Service, has the following transactions during January, 1 2 3. 5. Pays $12,000 in advance for 3 months' rent of office, showroom, and repair space. Purchases 44 personal computers at a cost of $1,672 each, 10 graphics computers at a cost of $2,672 each, and 29 printers at a cost of $472 each, paying cash upon delivery. Sales, repair, and office employees earn $14,068 in salaries and wages during January, of which $4,468 was still payable at the end of January. Sells 34 personal computers at $2,722 each, 8 graphics computers for $3,772 each, and 19 printers for $672 each; $76,468 is received in cash in January, and $59,024 is sold on a deferred payment basis. Other operating expenses of $9,868 are incurred and paid for during January; $3,468 of incurred expenses are payable at January 31. 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).) WATERWAY SALES AND SERVICE Income Statement > > > (1) Cash Basis III (2) Accrual Basis 100U

On Janusy 1, 2025, Norru Servith avd Crant Wood formed a computer sales and service company in Soapswille, Arkansan, by imesting \$91,46a canh The nerw company. Waterway Sales and Service, has the following transactions durine January. 1. Pen 512,000 in advance for 3 month' rent of office, showroom and repali space. 2. Rurchmes 44 personal computen at a cost of $1.672 each, 10 graphics computers at a cost of 52.672 each and 29 printers at a cost of 5472 each, paying canh upon delivery. 3. Sules, repait, and office employees earn $14068 in sataries and wages during January, of which 54,468 was still parable at the and of hanum 4. Selb 34 personal computens at $2,722 each, 8 graphics computers for $3,772 each and 19 printers for $672 exch $76,468 is recelved in cash in Jamuark and $59,024 is sold on a deferred payment bask. 5. Other operatine expenses of $9,868 are incurned and paid for during January, $3,468 of incurred expenses are payable at ianuary 31. Uning the transaction data above, prepare (1) a cash-baxis income statement and (2) an accrual-baxis income statement for the month of January, (Enter loss usihs elther a negotive sign preceding the number, es -45 or porenthese es (45)) efextbook and Medis List of Accounts