Primo Industries collected $105,000 from customers in 2020. Of the amount collected, $25,000 was for services performed in 2019. In addition, Primo performed services worth $40,000 in 2020, which will not be collected until 2021.

Primo Industries also paid $72,000 for expenses in 2020. Of the amount paid, $30,000 was for expenses incurred on account in 2019. In addition, Primo incurred $42,000 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 $

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