On December $31,$ Sawyer Patterson completed his first year as a financial planner. The following data are available from his accounting records:

Fees billed to clients for services rendered $$133,000$ Rent expense for year just ended $$14,000$

Cash received from clients $113,000$ Utility expenses incurred $7,100$

Supplies purchased for cash $9,100$ Utility bills paid $5,300$

Supplies used during the year $8,100$ Salary earned by assistant $39,400$

Cash paid for rent $($rent is paid through Salary paidto assistant $35,100$

Mar. of next year$)17,000$

a$.$ Compute Sawyer's net income for the year just ended using the accrual basis of accounting.

$Answer

b$.$ Compute Sawyer's net income for the year just ended using the cash basis of accounting.

$Answer