Mack started an LLC selling widgets. His sales during the first year was $900,000, of which $215,000 was not collected as of year end. His purchases are $190,000 for which he still owes $33,000 to suppliers, and at year end, he has $54,000 of inventory on hand. He incurred operating expenses of $145,000. At year end, he has not paid $29,000 of the expenses. Requirement A - Compute net income for the business assuming he elects the accrual method Requirement B - Compute net income for the business assuming he elects the cash method