Penno Corporation recorded service revenues of $200,000 in 2020, of which $170,000 were on credit and $30,000 were for cash. Moreover, of the $170,000 credit sales for 2020, Penno collected $20,000 cash on those receivables before yearend 2020. The company also paid $25,000 cash for 2020 wages. Its employees also earned another $15,000 in wages for 2020, which were not yet paid at year-end 2020. (a) Compute the companys net income for 2020.

(b) How much net cash inflow (outflow) did the company generate in 2020?