Reference no: EM132379549

Based on the following transactions, answer the following questions.

i. Credit sales to customers totalled $33,600.

ii. Cash sales totalled $110,400.

iii. Cash collections on account from customers totalled $28,800.

iv. Cost of goods sold during the period was $81,600.

v. Payments made to suppliers of inventory totalled $72,000.

vi. Wages of $31,200 were paid during the year. In addition, wages of $2,400 remained unpaid at year end; there were no wages unpaid at the beginning of the year.

vii. Halfway through the year, a one-year insurance policy was purchased at a cost of $1,000.

Calculate the revenues, expenses, and net income that would be reported on the cash basis.