Cathy opens a retail store. Her sales during the first year are $$750,000,$ of which $$40,000$ has not been collected at year$-$end. Her purchases are $$200,000.$ She still owes $$50,000$ to her suppliers, and at year$-$end she has $$90,000$ of inventory on hand. She incurred operating expenses of $$150,000.$ At year$-$end she has not paid $$35,000$ of the expenses. Compute her net income from the business assuming she elects the accrual method. Then compute her net income from the business assuming she elects the cash method.