Listed below are several transactions that took place during the second and third years of operations for a company. Amounts billed to customers for services rendered Cash collected from credit customers Cash disbursements: Payment of rent Salaries paid to employees for services rendered during the year Utilities Advertising Year 2 $ 390,000 300,000 84,000 144,000 34,000 17,000 Year 3 $ 490,000 440,000 0 164,000 44,000 39,000 In addition, you learn that the company incurred advertising costs of $29,000 in year 2, owed the advertising agency $5,400 at the end of year 1, and there were no bilities at the end of year 3. Also, there were no anticipated bad debts on receivables, and the rent payment was for a two-year period, year 2 and year 3. Required: 1. Calculate accrual net income for both years. 2. Determine the amount due the advertising agency that would be shown as a liability on the company's balance sheet at the end of year 2.

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Listed below are several transactions that took place during the second and third years of operations for a company In addition, you learn that the company incurred advertising costs of $29,000 in year 2 , owed the advertising agency $5,400 at the end of year 1 , and there were no liabilities at the end of year 3 . Also, there were no anticipated bad debts on receivables, and the rent payment was for a two-year period, year 2 and year 3 . Required: 1. Calculate accrual net income for both years. 2. Determine the amount due the advertising agency that would be shown as a liability on the company's balance sheet at the end of year 2 Listed below are several transactions that took place during the second and third years of operations for a company. In addition, you learn that the company incurred advertising costs of $29,000 in year 2 , owed the advertising agency $5,400 end of year 1 , and there were no liabilities at the end of year 3 . Also, there were no anticipated bad debts on receivables, and payment was for a two-year period, year 2 and year 3 . Required: 1. Calculate accrual net income for both years. 2. Determine the amount due the advertising agency that would be shown as a liability on the company's balance sheet at th year 2. Complete this question by entering your answers in the tabs below. Determine the amount due the advertising agency that would be shown as a liability on the company's balance sheet at the end of year 2 . In addition, you learn that the company incurted advertising costs on end of year 1, and there were no liabilities at the end of year 3 . Also, there were no payment was for a two-year period, year 2 and year 3 . Required: 1. Calculate accrual net income for both years. 2. Determine the amount due the advertising agency that would be shown as a lia year 2 . Complete this question by entering your answers in the tabs below. Calculate accrual net income for both years