Exercise 2-5Missing information related to accruals Panoramic Inc. had a beginning balance of $2,000 in its Accounts Receivable account. The ending balance of Accounts Receivable was $2,400. During the period, Panoramic recognized $40,000 of revenue on account. Panoramic's Salaries Payable account has a beginning balance of $1,300 and an ending balance of $900. During the period, the company recognized $35,000 of accrued salaries expense. Required a.Based on the information provided, determine the amount of net income. b. Based on the information provided, determine the amount of net cash now from operating activities.