On November 1, 2020, the account balances of Pharoah Equipment Repair were as follows. No 101 112 126 153 Debits Cash Accounts Receivable Supplies Equipment $ 2.400 4,200 1,810 12,960 No. 154 201 209 212 301 Credits Accumulated Depreciation Equipment Accounts Payable Uneamed Service Revenue Salaries and Wages Payable Owner's Capital $ 2.160 2,650 1.200 662 14,698 $21,370 $21.370 During November, the following summary transactions were completed Nov. 8 Paid $1.740 for salaries due employees, of which $662 is for October salaries. 10 Received $3.430 cash from customers on account 12 Received $3,110 cash for services performed in November 15 Purchased equipment on account $1.970, 17 Purchased supplies on account $710 20 Pald creditors on account $2.680. 22 Pald November rent $360, 25 Pald salaries $1.740 27 Performed services on account and billed customers for these services $1.910. 29 Received $640 from customers for future service, Cullumber Industries collected $104.000 from customers in 2020 of the amount collected $24,300 was for services performed in 2019. In addition. Cullumber performed services worth $40,300 in 2020, which will not be collected until 2021, Cullumber Industries also paid $71,800 for expenses in 2020. Of the amount paid. $30,500 was for expenses incurred on account in 2019. In addition, Cullumber incurred $41.800 of expenses in 2020. which will not be paid until 2021. (a) Compute 2020 Cash-basis net income. Cash basis net income (b) Compute 2020 accrual basis net income. Accrual basis net income $ On November 1, 2020, the account balances of Pharoah Equipment Repair were as follows. No 101 112 126 153 Debits Cash Accounts Receivable Supplies Equipment $ 2.400 4,200 1,810 12,960 No. 154 201 209 212 301 Credits Accumulated Depreciation Equipment Accounts Payable Uneamed Service Revenue Salaries and Wages Payable Owner's Capital $ 2.160 2,650 1.200 662 14,698 $21,370 $21.370 During November, the following summary transactions were completed Nov. 8 Paid $1.740 for salaries due employees, of which $662 is for October salaries. 10 Received $3.430 cash from customers on account 12 Received $3,110 cash for services performed in November 15 Purchased equipment on account $1.970, 17 Purchased supplies on account $710 20 Pald creditors on account $2.680. 22 Pald November rent $360, 25 Pald salaries $1.740 27 Performed services on account and billed customers for these services $1.910. 29 Received $640 from customers for future service, Cullumber Industries collected $104.000 from customers in 2020 of the amount collected $24,300 was for services performed in 2019. In addition. Cullumber performed services worth $40,300 in 2020, which will not be collected until 2021, Cullumber Industries also paid $71,800 for expenses in 2020. Of the amount paid. $30,500 was for expenses incurred on account in 2019. In addition, Cullumber incurred $41.800 of expenses in 2020. which will not be paid until 2021. (a) Compute 2020 Cash-basis net income. Cash basis net income (b) Compute 2020 accrual basis net income. Accrual basis net income $