please be sure it is correct

XYZ Company had sales of $240,000 during the year 2020 , all on account. It closes its books on December 31 each year. Accounts receivable for the year grew from $50,000 on January 1 to $110,000 on December 31. Expenses for the year were $170,000, all paid in cash. Required: a. Compute XYZ's net income on the cash basis of accounting (show your workings). b. Compute XYZ's net income on the accrual basis of accounting. ( 10 marks) c. Comment which basis of accounting from the above gives a better measure of XYZ's performance for the year ended December 31,2020 . Why? (6 marks) Guidelines for students: 1. "Gives a better measure" above refers to "decision relevance" of financial accounting information. 2. To complete the answer to this question, students are suggested to figure out the cash collections based on the information given in the question. 3. Hint: focus your attention on accounts receivable ledger movement. 4. Please use point-form to explain your ideas for c. above. XYZ Company had sales of $240,000 during the year 2020 , all on account. It closes its books on December 31 each year. Accounts receivable for the year grew from $50,000 on January 1 to $110,000 on December 31. Expenses for the year were $170,000, all paid in cash. Required: a. Compute XYZ's net income on the cash basis of accounting (show your workings). b. Compute XYZ's net income on the accrual basis of accounting. ( 10 marks) c. Comment which basis of accounting from the above gives a better measure of XYZ's performance for the year ended December 31,2020 . Why? (6 marks) Guidelines for students: 1. "Gives a better measure" above refers to "decision relevance" of financial accounting information. 2. To complete the answer to this question, students are suggested to figure out the cash collections based on the information given in the question. 3. Hint: focus your attention on accounts receivable ledger movement. 4. Please use point-form to explain your ideas for c. above