Pl:3-36 (similar to) Question Help Clair opens a retail store. Her sales during the first year are $450,000, of which $60,000 has not been collected at year-end. Her purchases are $300,000. She still owes $30,000 to her suppliers, and at year-end she has $55,000 of inventory on hand. She incurred operating expenses of S120,000. At year-end she has not paid $10,000 of the expenses. Read the requirements Requirements a. and b. 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. a. Accrual method Sales Cost of goods sold Gross profit Operating expenses Net income Enter any number in the edit fields and then click Check Answer 2 parts remaining Clear All Check Answer This course (2021 Individuals 34th edition is based on Ruinarum