On January 1, 2025, Norma Smith and Grant Wood formed a computer sales and service company in Soapsville, Arkansas, by investing $91,848 cash. The new company, Splish Sales and Service, has the following transactions during January. 1. Pays $15,000 in advance for 3 months' rent of office, showroom, and repair space. 2. 3. 4. 5. Purchases 44 personal computers at a cost of $1,692 each, 10 graphics computers at a cost of $2,692 each, and 29 printers at a cost of $492 each, paying cash upon delivery. Sales, repair, and office employees earn $14,448 in salaries and wages during January, of which $4,848 was still payable at the end of January. Sells 34 personal computers at $2,742 each, 8 graphics computers for $3,792 each, and 19 printers for $692 each; $76,848 is received in cash in January, and $59,864 is sold on a deferred payment basis. Other operating expenses of $10,248 are incurred and paid for during January; $3,848 of incurred expenses are payable at January 31. Using the transaction data above, prepare (1) a cash-basis balance sheet and (2) an accrual-basis balance sheet as of January 31, 2025. (List assets in order of liquidity.) Assets Cash Accounts Receivable Inventory Prepaid Rent Total Assets Liabilities and Owners' Equity Accounts Payable Salaries and Wages Payable Owner's Equity SPLISH SALES AND SERVICE Balance Sheet January 31, 2025 (1) Cash Basis (2) Accrual Basis $ 18212 $ $ i i 88412 i 5000 $ i $ i $ $