Accrual Basis of Accounting versus Cash Basis of Accounting On December 31, Sawyer Patterson completed his first year as a financial planner. The following data are available from his accounting records: $132,000 Rent expense for year just ended $13,000 Fees billed to clients for services rendered Cash received from clients Supplies purchased for cash 112,000 Utility expenses incurred 6.100 8.100 Utility bills paid 4.300 Supplies used during the year 7,100 Salary eamed by assistant 39,400 Cash paid for rent (rent is paid through Salary paidto assistant 35,100 Mar, of next year) 16,000 a. Compute Sawyer's net income for the year just ended using the accrual basis of accounting b. Compute Sawyer's net income for the year just ended using the cash basis of accounting. c. Which net income amount is computed in accordance with generally accepted accounting principles?