P1-3 (Algo) Comparing Income with Cash Flow L01-1 Huang Trucking Company was organized on January 1. At the end of the first quarter (three months) of operations, the owner prepared a summary of its activities as shown in the first row of the following tabulation: Required: 1. For each of the six transactions given in this tabulation, enter what you consider to be the correct amounts. The first transaction is illustrated. (Amounts to be deducted and losses/outflows should be indicated with a minus sign.) Computation of Income Cash 71,000 $ 49,000 a. $ Summary of Transactions Services performed for customers, $71,000, of which $22,000 remained uncollected at the end of the quarter b. Cash borrowed from the local bank, $50,000 (one-year note). Small service truck purchased at the end of the quarter to be used in the business for two years C. starting the next quarter, cost, $10,700 cash d. Wages earned by employees, $21,100, of which one-half remained unpaid at the end of the quarter Service supplies purchased for use in the business, $5,170 cash, of which $2,860 were unused (still on hand) at the end of the quarter. 1. Other operating expenses, $30,000, of which $5,300 remained unpaid at the end of the quarter. g. Based only on these transactions, compute the following for the quarter: Income (or loss) Cash inflow (or outflow) e