Problem 3-11 On January 1, 2017, Norma Smith and Grant Wood formed a computer sales and service company in Soapsville, Arkansas, by investing $91,468 cash. The new company, Oriole Sales and Service, has the following transactions during January. 1. Pays $12,000 in advance for 3 months rent of office, showroom, and repair space. 2. Purchases 44 personal computers at a cost of $1,672 each, 10 graphics computers at a cost of $2,672 each, and 29 printers at a cost of $472 each, paying cash upon delivery. 3. Sales, repair, and office employees earn $14,068 in salaries and wages during January, of which $4,468 was still payable at the end of January. 4. Sells 34 personal computers at $2,722 each, 8 graphics computers for $3,772 each, and 19 printers for $672 each; $76,468 is received in cash in January, and $59,024 is sold on a deferred payment basis. 5. Other operating expenses of $9,868 are incurred and paid for during January; $3,468 of incurred expenses are payable at January 31. 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 negative sign preceding the number, e.g. -45 or parentheses e.g. (45).) ORIOLE SALES AND SERVICE Income Statement (1) Cash Basis (2) Accrual Basis $ $ $ $ Using the transaction data above, prepare (1) a cash-basis balance sheet and (2) an accrual-basis balance sheet as of January 31, 2017. (List assets in order of liquidity.) ORIOLE SALES AND SERVICE Balance Sheet (1) Cash Basis (2) Accrual Basis Assets $ $ $ $ Liabilities and Owners Equity $ $ $ $ Click if you would like to Show Work for this question: Open Show Work