7. A medical practice bills $10,000 worth of patient visits in the month of May, but only collects $5,000 of this amount before the month ends. In addition, the practice collects $3,000 from prior months' bills to patients. During May, the practice had $9,000 in total expenses but only paid $7,500 of these expenses in cash during the month. Further, the practice paid out $1,000 of expenses from prior months. a. What are the revenues, expenses, and net income of the practice for May if it uses the accrual basis of accounting? b. What are the revenues, expenses, and net income of the practice for May if it uses the cash basis of accounting? c. Which better represents the profitability of practice during May? Why?