Skidmore Music Company had the following transactions in March: Sold instruments to customers for $16, 700, received $10, 700 in cash and the rest on account. The cost of the instruments was $7, 100. Purchased $4, 900 of new instruments inventory; paid $1, 700 in cash and owed the rest on account. Paid $720 in wages for the month. Received $3, 100 from customers as deposits on orders of new instruments to be sold to the customers in April. Received a $280 bill for March utilities that will be paid in April. Complete the following statements