P1-3 Comparing Income with Cash Flow (Challenging) (AP1-3) 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 item(a) of the following table: Computation of Summary of Transactions Income Cash a. Services performed for customers, $66,000, of which $11,000 remained uncollected at the end of the quarter. +$66.000 +$55.000 b. Cash borrowed from the local bank. S56,000 (one-year note). 56,000 c. Small service truck purchased at the end of the quarter to be used in the 12,50 business for two years starting the next quarter: Cost. $12.500 cash. d. Wages earned by employees, $25,000, of which one-half remained unpaid at the end of the quarter. e. Service supplies purchased for use in the business, $3,800 cash, of which Yoo 3,800 $900 were unused (still on hand) at the end of the quarter. 4. Other operating expenses, $38,000, of which $6,500 remained unpaid at 138,000 31,500 the end of the quarter. 8. Based only on these transactions, compute the following for the quarter: Income (or loss) Cash inflow (or outflow) (25,000) (12,500) Required: 1. For items (b) through (8), enter what you consider to be the correct amounts. Enter a zero when appropriate. The first transaction is illustrated. 2. For each transaction, explain the basis for your response in requirement (1)