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Problem 3-11 On January 1, 2017, Norma Smith and Grant Wood formed a computer sales and service company in Soapsville, Arkansas, by investing $90,632 cash. The new company, Pearl Sales and Service, has the following transactions during January. 1. Pays $9,000 in advance for 3 months' rent of office, showroom, and repair space. 2. Purchases 43 personal computers at a cost of $1,628 each, 9 graphics computers at a cost of $2,628 each, and 28 printers at a cost of $428 each, paying cash upon delivery. 3. Sales, repair, and office employees earn $13,232 in salaries and wages during January, of which $3,632 was still payable at the end of January. 4. Sells 33 personal computers at $2,678 each, 7 graphics computers for $3,728 each, and 18 printers for $628 each; $75,632 is received in cash in January, and $50,142 is sold on a deferred payment basis. 5. Other operating expenses of $9,032 are incurred and paid for during January; $2,632 of incurred expenses are payable at January 31. (a) Using the transaction data above, prepare (1) a cash-basis income statement and (2) an accrual-basis income statement for the month of January (b) Using the transaction data above, prepare (1) a cash-basis balance sheet and (2) an accrual-basis balance sheet as of January 31, 2017

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