Computing and Comparing Income and Cash Flow Measures

Penno Corporation recorded service revenues of $$480,000$ in $2020,$ of which $$408,000$ were on credit and $$72,000$ were for cash. Moreover, of the $$408,000$ credit

sales for $2020,$ Penno collected $$48,000$ cash on those receivables before year$-$end $2020.$ The company also paid $$60,000$ cash for $2020$ wages. Its employees also

earned another $$36,000$ in wages for $2020,$ which were not yet paid at year$-$end $2020.$

$($a$)$ Compute the company's net income for $2020.$ $

$($b$)$ How much net cash inflow $($outflow$)$ did the company generate in $2020?4$