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On January 1.2025, Norma Smith and Grant Wood formed a computer sales and service company in Soapsville, Arkansas, by imvesting $90,100 cash. The new company.

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On January 1.2025, Norma Smith and Grant Wood formed a computer sales and service company in Soapsville, Arkansas, by imvesting $90,100 cash. The new company. Crane 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. Purchases 41 personal computers at a cost of $1,600 each, 7 graphics computers at a cost of $2,600 each, and 26 printers at a cost of $400 each, paying cash upon delivery. 3. Sales, repair, and office employees earn $12,700 in salaries and wages during January, of which $3,100 was still payable at the end of January. 4. Sells 31 personal computers at $2,650 each, 5 graphics computers for $3,700 each, and 16 printers for $600 each; $75,100 is received in cash in January, and $35,150 is sold on a deferred payment basis: 5. Other operating expenses of $8,500 are incurred and paid for during January: $2,100 of incurred expenses are payable at January 31 . (a) 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 nesative sign preceding the number, es. -45 or parentheses es. (45).) On January 1.2025, Norma Smith and Grant Wood formed a computer sales and service company in Soapsville, Arkansas, by imvesting $90,100 cash. The new company. Crane 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. Purchases 41 personal computers at a cost of $1,600 each, 7 graphics computers at a cost of $2,600 each, and 26 printers at a cost of $400 each, paying cash upon delivery. 3. Sales, repair, and office employees earn $12,700 in salaries and wages during January, of which $3,100 was still payable at the end of January. 4. Sells 31 personal computers at $2,650 each, 5 graphics computers for $3,700 each, and 16 printers for $600 each; $75,100 is received in cash in January, and $35,150 is sold on a deferred payment basis: 5. Other operating expenses of $8,500 are incurred and paid for during January: $2,100 of incurred expenses are payable at January 31 . (a) 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 nesative sign preceding the number, es. -45 or parentheses es. (45).)

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