please help solve the red square blanks, thanks AssetsCashAccounts ReceivableInventoryPrepaid RentTotal AssetsLiabilities and Owners' Equity.Salaries and Wages PayableTotal Liabilities and Owner's EquityLA$LA(1) Cash Basis91392i7639215000ii-66840tA$(2) Accrual Basis9139251702050004392339213774 On January 1, 2025, Norma Smith and Grant Wood formed a computer sales and service company in Soapsville, Arkansas, by investing $91,392 cash. The new company, Wildhorse Sales andService, has the following transactions during January.1. Pays $15,000 in advance for 3 months' rent of office, showroom, and repair space.Purchases 43 personal computers at a cost of $1,668 each, 9 graphics computers at a cost of $2,668 each, and 28 printers at a cost of $468 each, paying cash upon delivery.Sales, repair, and office employees earn $13,992 in salaries and wages during January, of which $4,392 was still payable at the end of January.Sells 33 personal computers at $2,718 each, 7 graphics computers for $3,768 each, and 18 printers for $668 each; $76,392 is received in cash in January, and $51,702 is sold on adeferred payment basis.Other operating expenses of $9,792 are incurred and paid for during January; $3,392 of incurred expenses are payable at January 31.2.3.4.5.

Cash basis Accounting Cash Basis Accounting means businesses record income and expenses only…

ssets Cash Accounts Receivable Inventory Prepaid Rent Total Assets abilities and Owners' Equity. Salaries and Wages Payable Total Liabilities and Owner's Equity $ $ $ $ (1) Cash Basis 91392 i 76392 15000 -66840 $ $ $ $ (2) Accrual Basis 91392 51702 0 5000 4392 3392 13774

ssets Cash Accounts Receivable Inventory Prepaid Rent Total Assets abilities and Owners' Equity. Salaries and Wages Payable Total Liabilities and Owner's Equity $ $ $ $ (1) Cash Basis 91392 i 76392 15000 -66840 $ $ $ $ (2) Accrual Basis 91392 51702 0 5000 4392 3392 13774

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter10: Cost Recovery On Property: Depreciation, Depletion, And Amortization

Section: Chapter Questions

Problem 80EDC

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