Question # 1

A corporation., a startup company, uses the accrual accounting method. In Year 1, the corp provided services that were acceptable to its customers and billed those customers for $620,000. However, the corp collected only $520,000 cash in Year 1, and the remaining $100,000 was collected in Year 2. the corps employees earned $300,000 in Year 1 wages that were not paid until the first week of Year 2. Based only on this information, how much net income does the corp report for Year 1?