3 - Lec 1_15Sept2020 Time Left:0:09:33 Jalynn Maze: Attempt 1 Question 7 (2 points) Saved Bessie gets an advance payment of $500 on Dec 05, 2019 to deliver veggies on Jan 05, 2020 to Schnucks. All expenses paid in 2019 = $600. Total veggies delivered on Jan 05, 2020 = $1,000. Remaining cash for sales received at the time of delivery. [Assume that Bessie follows a calendar year as her fiscal year, i.e., Jan-Dec). Also assume no other transactions. Under accrual-basis, Net Farm Income in 2019 = 600 Question 8 (2 points) Saved Bessie gets an advance payment of $500 on Dec 05, 2019 to deliver veggies on Jan 05, 2020 to Schnucks. All expenses paid in 2019 = $600. Total veggies delivered on Jan 05, 2020 = $1,000. Remaining cash for sales received at the time of delivery. [Assume that Bessie follows a calendar year as her fiscal year, i.e., Jan-Dec). Also assume no other transactions. Under cash-basis, Net Farm Income in 2019 =