2. Determine the amount due the advertising agency that would be shown as a liability on RPG's balance sheet at the end of year 2. Calculate accrual net income for both years. Revenues Expenses: Rent Salaries Utilities Advertising Net income Year 2 Year 3 $ 260,000 $ 360,000 (35,500) (35,500) 131,000 151,000 21,000 31,000 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Determine the ambunt due the advertising agency that would be shown as a liability on RPG's balance sheet at the end of year 2. Advertising Bability at end of Year 2 Listed below are several transactions that took place during the second and third years of operations for the RPG Company. Amounts billed to customers for services rendered Cash collected from credit customers Cash disbursements: Payment of rent Salaries paid to employees for services rendered during the year Utilities Advertising Year 2 $ Year 3 260,000 360,000 170,000 310,000 71,000 131,000 21,000 10,500 151,000 31,000 26,000 In addition, you learn that the company incurred advertising costs of $16,000 in year 2, owed the advertising agency $4,100 at the end of year 1, and there were no liabilities at the end of year 3. Also, there were no anticipated bad debts on receivables, and the rent payment was for a two-year period, year 2 and year 3. Required: 1. Calculate accrual net income for both years. 2. Determine the amount due the advertising agency that would be shown as a liability on RPG's balance sheet at the end of year 2. Calculate accrual net income for both years. Listed below are several transactions that look place during the second and third years of operations for the RPG Company. Year 2 Amounts billed to customers for services $ rendered 260,000 360,000 Cash collected from credit customers 170,000 310,000 Cash disbursements: Payment of rest 71,000 Q Salaries paid to employees for services rendered during the year 131,000 151,000 Utilities Advertising 21,000 31,000 10.500 26,000 In addition, you learn that the company incurred advertising costs of $16,000 in year 2, owed the advertising agency $4,100 at the end of year 1, and there were no liabilities at the end of year 3. Also, there were no anticipated bad debts on receivables, and the rent payment was for a two-year period, year 2 and year 3. Required: 1. Calculate accrual net income for both years. 2. Determine the amount due the advertising agency that would be shown as a liability on RPG's balance sheet at the end of year 2 Calculate accrual net income for both years. Revenues Expenses: Rent Salaries Utilities Advertising Net income Year 2 Year 3 $ 260,000 $ 360,000 (35,500) (35,500) 131,000 151,000 21,000 31,000 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Determine the amount due the advertising agency that would be shown as a liability on RPG's balance sheet at the end of year 2. Advertising lablity at end of Year 2