Use the following information to calculate the company's accounting net income for the year.

Credit Sales: $800,000

Cash Sales:$500,000

Operating Expenses on Credit

$200,000

Cash Operating Expenses

$700,000

Accounts Receivable (Beg. of Year)

$50,000

Accounts Receivable (End of Year)

$80,000

Accounts Payable (Beg. of Year)

$50,000

Accounts Payable (End of Year)

$100,000

Corporate Tax Rate

40%