V. Reporting Cash Basis versus Accrual Basis Income (Totally 10 points). Skidmore Music Company had the following transactions in March: a. Sold instruments to customers for $18,000; received $8,000 in cash and the rest on account. The cost of the instruments was $9,000. b. Purchased $4,000 of new instruments inventory, paid $1,000 in cash and owed the rest on account. c. Paid $900 in wages for the month. d. Received $5,000 from customers as deposits on orders of new instruments to be sold to the customers in April. e. Received a $300 bill for March utilities that will be paid in April. Complete the following statements: Cash Basis Income Statement Accrual Basis Income Statement Revenues Revenues Cash sales Sales to Customers Customer deposits Expenses Expenses Cost of sales Inventory purchases Wages paid Wages expense Utilities expense Net Income Net Income