Hall Company began the period with a $20,000 balance in Cash, a $50,000 balance in Accounts Receivable, and a $70,000 balance in Retained Earnings. During the period Hall provided $150,000 of consulting services on account, collected $140,000 of the accounts receivable, paid $42,000 cash for salary expense, and accrued $8,000 salary expense at the end of the period. Which of the following statements is incorrect? (Hint: Use a financial statements horizontal model to record the transactions.)

a. The net income shown on the income statement is $100,000.

b. The ending Cash on the balance sheet is $118,000.

c. The ending Retained Earnings on the balance sheet is $100,000.

d. The ending Accounts Receivable balance is $60,000.