Computing and Comparing Income and Cash Flow MeasuresPenno Corporation recorded service revenues of $$120,000$ in $2020,$ of which $$102,000$ were on credit and $$18,000$ were for cash. Moreover, of the $$102,000$ credit sales for $2020,$ Penno collected $$12,000$ cash on those receivables before yearend $2020.$ The company also paid $$15,000$ cash for $2020$ wages. Its employees also earned another $$9,000$ in wages for $2020,$ which were not yet paid at year$-$end $2020.$

$($a$)$ Compute the companys net income for $2020.$

$($b$)$ How much net cash inflow $($outflow$)$ did the company generate in $2020?$

Answer rating: 100% (QA)

a To compute the companys net income for 2020 we need to consider the service revenues expenses and ... View the full answer