The owner of Fergus Technical Services is an architect with little understanding of accounting. She needs to compute the following summary information from the accounting records:

a. Net income for the month of March

b. Total cash paid during March

c. Cash collections from customers during March

d. Payments on account during March

The quickest way to compute these amounts is to analyze the following accounts:

The net income for March can be computed as follows:

Use a similar approach to compute the other three items.

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Additional Information for the Balance Account Feb. 28 M 31 $1,440$2,400 Withdrawals, $640 1,640 6,160 2,560 Cash receipts, $10,720 b. Cash c. Accounts Receivable d. Accounts Payable.. 1,800 3,840 Sales on account, $12,160 Purchases on account, $508 B. Fergus, Capital March Withdrawals 640 Feb. 28 Bal. 1440 March Net Income March 31 Bal. $1,600 2,400