A company using the periodic inventory system has the following account balances: Merchandise Inventory at the beginning of the year, $3,914; Freight In, $599; Purchases, $16,542; Purchases Returns and Allowances, $3,709; Purchases Discounts, $215. The cost of merchandise purchased is equal to a.$17,141 b.$16,542 c.$13,217 d.$24,979

Rebel technology maintains its records using cash-basis accounting. during the year, the company received cash from customers, $43,000, and paid cash for salaries, $23,500. at the beginning of the year, customers owe rebel $1,000. by the end of the year, customers owe $6,600. at the beginning of the year, rebel owes salaries of $5,600. at the end of the year, rebel owes salaries of $3,300. determine cash-basis net income and accrual-basis net income for the year.