Mostert Music Company had the following transaction inMarch:a. Sold instruments to customers for $10,000; received$ 6,000 in cash and the rest on account. The cost of theinstruments was $7,000. b. Purchased $4,000 of new instruments inventory; paid$1,000 in cash and owed the rest on account.
c. Paid $600 in wages for the month.
d. Received a $200 bill for utilities that will be paidin April.
e. Received $1,000 from customers as deposits on ordersof new instruments to be sold to the customers in April. Complete the following statement:Cash Income StatementRevenues:Revenues:CashSale sSalesto :Expenses:InventorypurchasesCostof (dbl underline)Netincome(dbl underline)

The answer is given below

Explanation:

It should be noted that for the cash basis income statement, the revenue were cash sales of $6000 and customer deposit of $1000 making a total of $7000. The expenses were the inventory purchased of $1000 and the wages paid of $600 making $1600. Cash income was now:

= $7,000 - $1600

= $5400

For the accrual income statement, the revenue was $10000 and expenses were $7800. The cash Income was now: $10,000 - $7800 = $2,200

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the correct answer is economics is a game without winners or losers.

unlike sports or games economic is a game without losers or winner rather it is a game where everyone wins. parties of business doing businesses exchange money with each other and hence exchange is done on the basis of goods. one party takes the goods and other sales it so there is winner on both sides. each party values more highly the good it gets than the good it gives up. both sides exchange only because both intend to increase their value. so there is no concept of lose or win.