On December 31, Jayne Leigh completed her first year as a financial planner.
The following data are available from her accounting records
|Fees billed to clients for services rendered||$98,000||Rent expense for year just ended||$10,800|
|Cash received from clients||84,000||Utility expense incurred||2,500|
|Supplies purchased for cash||4,400||Utility bills paid||2,200|
|Supplies used during the year||3,300||Salary earned by assistant||30,000|
|Cash paid for rent (rent is paid through||Salary paid to assistant||27,500|
|Feb. of next year)||12,500|
a. Compute Leigh's net income for the year just ended using the accrual basis of accounting: $Answer
b. Compute Leigh's net income for the year just ended using the cash basis of accounting: $Answer
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