Tastee Inc. sells kitchen wares to customers. Its fiscal year ends this month. The following transactions occurred this year:Sold kitchen wares to customers for $272 000; received $100 000 in cash and the rest on account. The cost of the equipment was $47 000.Paid employees $65 260 in wages for work during the year; an additional $6 130 for current year wages will be paid at the end of the first week of next month.Purchased $147 000 of new kitchen wares inventory; paid $42 000 in cash and owed the rest on account.Received $1 281 from customers as deposits on orders of new kitchen wares to be delivered to the customers next year.Paid $36 cash for utilities for this year. $2 480 in utility bills for this year remain unpaid.Using the cash basis of accounting what would Tastee Inc report as current year income?
