Prepare a cash basis and an accrual basis income statement.

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Reference no: EM13336083

Mostert Music Company had the following transactions in March:

a. Sold music lessons to customers for $12,950; received $7,650 in cash and the rest on account.
b. Paid $1,000 in wages for the month.
c. Received a $480 bill for utilities that will be paid in April.
d. Received $4,650 from customers as deposits on music lessons to be given in April.

1. Based on the information above, prepare a cash basis and an accrual basis income statement.

Reference no: EM13336083

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