Brief Exercise 2-21 (Algo) Cash versus accrual accounting [LO2-9] New Consulting Company maintains its records on a cash basis. During the year, the following cash flows were recorded: cash received for services rendered to clients, $520,000; and cash paid for salaries, utilities, and advertising, $290,000, $45,000, and $22,000, respectively. You also determine that customers owed the company $65,000 and $70,000 at the beginning and end of th year, respectively, and that the company owed the utility company $4,000 and $2,000 at the beginning and end of the year, respectively. Complete the table to determine accrual net income for the year. Revenue Expenses: Salaries expense Utilities expense Advertising expense Net Income (Loss)