Exercise 3-03 Sheridan Industries collected $106,000 from customers in 2020. Of the amount collected, $25,500 was for services performed in 2019. In addition, Sheridan performed services worth $41,200 in 2020, which will not be collected until 2021. Sheridan Industries also paid $71,400 for expenses in 2020. Of the amount paid, $30,000 was for expenses incurred on account in 2019. In addition, Sheridan incurred $40,300 of expenses in 2020, which will not be paid until 2021. (a) Compute 2020 cash-basis net income. Cash-basis net income (b) Compute 2020 accrual-basis net income. Accrual-basis net income Click if you would like to Show Work for this question: Open Show Work LINK TO TEXT Question Attempts: Unlimited SAVE FOR LATER SUBMIT ANSWER Activate Windows Go to Settings to activate Windows. IOI a c J' W AO 4)) 11:55 AM 3/23/2021