In $2024,$ Sheffield Company performs work for a customer and bills the customer

$$14200$; it also pays expenses of $$5600.$ The customer pays Sheffield in $2025.$ If Sheffield

uses the accrual$-$basis of accounting, then Sheffield will report

revenue of $$14200$ in $2024.$

net income of $$8609$ in $2025.$

revenue of $$14200$ in $2025.$

expenses of $$5600$ in $2025.$