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Winter Company earned revenues of $180,000 in cash and $250,000 on account during 2020. Of the $250,000 on account, $75,000 was collected in cash

Winter Company earned revenues of $180,000 in cash and $250,000 on account during 2020. Of the $250,000 on account, $75,000 was collected in cash in 2020 and the rest in 2021. The company incurred expenses of $120,000 in 2020 and made payments of $70,000 towards the expenses in 2020. What is net income in 2020 under accrual accounting?

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