Johnny Cash Inc. had the following transactions during 2006.

-collected $3,400 for services to be performed in 2007

-Sales of $5,400 on account

-Paid $500 cash in December for next years insurance policy

-Paid $550 cash in salaries

-purchased airline tickets for $300 in December for a trip to take place in 2007

-Sales of $500 for service performed in 2006 and collected in cash in 2006

question: what is johnny Cash Inc.'s 2006 net income using accrual accounting?

what is johnny Cash Inc.'s 2006 net income using cash basis accounting?