QUESTION 1 The following is a summary of transactions for January 20xx, gathered by the Sample Cafe bookkeeper. Sample Cafe Transactions Item 8,600 medium cups of coffee sold at $3.00 each 4,300 large cups of coffee sold at $4.00 each Espresso maker purchased last year for $11,400 $600 premium for business insurance $3,500 for rent $2,400 for coffee beans $1,500 for coffee cups $16,000 to employees for payroll $200 of interest on loan $1,000 for electricity and water $12,800 in advertising Notes Includes 600 medium cups medium cups sold to the college and delivered to a reception that has been invoiced, but not yet paid. 5-year life Premium for full year Includes $2,000 in rent deposits. Includes coffee discarded valued at $100 0 cups in inventory at the beginning of January. $800 worth of cups still in inventory at the end of month. $2,600 owed in payroll taxes Paid mid-month Includes $400 in utility deposits $3,200 per week billed monthly Use the preceding transaction information to create a Cash-Based Income Statement for January using the following template. Account Balance Revenues Expenses $23700 Coffee and Cups $1500 Salaries and Wages $ 1600 Rent and Utilities $1000 Advertising $ 12800 Insurance $0 Equipment $ 0 Interest Other Expenses Total Expenses $200 0 $ $ 0 Net Income $0