a. Compute Hermani's net income for the year just ended using the accrual basis of accounting.

b. Compute Hermani's net income for the year just ended using the cash basis of accounting.

Accrual Basis of Accounting versus Cash Basis of Accounting On December 31, Hermani Patterson completed his first year as a financial planner. The following data are available from his accounting records: Fees billed to clients for services rendered $101,000 Rent expense for year just ended $10,800 Cash received from clients 85,000 Utility expense incurred 2,500 Supplies purchased for cash 5,000 Utility bills paid 2,200 Supplies used during the year 4,700 Salary earned by assistant 30,000 Cash paid for rent (rent is paid through Salary paidto assistant 27,500 Feb. of next year) 12,600 a. Compute Hermani's net income for the year just ended using the accrual basis of accounting. $ 0 b. Compute Hermani's net income for the year just ended using the cash basis of accounting. $ 0 X c. Which net income amount is computed in accordance with generally accepted accounting principles? Accrual +