On July 21, an auto repair shop fixed a customer's vehicle. On July 22, the mechanic billed the customer $700 for the work. The customer paid the invoice on July 27. The cost of the work was $200 for parts and $150 for employee wages. The repair shop paid for wages on July 28 and parts on August 10. The business has a July 31 fiscal year end. How much profit or loss would be reported in the income statement for the repair under the cash-basis and accrual-basis of accounting? Select one: a. cash basis, $700 profit; accrual basis, $700 profit b. cash basis, $700 profit; accrual basis $0 profit C. cash basis, $550 profit; accrual basis, $350 profit d. cash basis, $150 loss; accrual basis, $550 profit e, cash basis, $150 profit; accrual basis, $700 profit