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QUESTION 4 Partially correct Mark 1.00 out of 3.00 Flag question Accrual Basis of Accounting versus Cash Basis of Accounting On December 31, Hermani Patterson completed his first year as a financial planner. The following data are available from his accounting records: Fees billed to clients for services rendered Cash received from clients Supplies purchased for cash Supplies used during the year Cash paid for rent (rent is paid through Feb. of next year) $12,000 5,200 3,200 39,000 35,000 Rent expense for year just ended Utility expense incurred Utility bills paid $137,000 115,000 7,500 6,800 Salary earned by assistant Salary paid to assistant 14,000 a. Compute Hermani's net income for the year just ended using the accrual basis of accounting. b. Compute Hermani's net income for the year just ended using the cash basis of accounting. $182,300 C. Which net income amount is computed in accordance with generally accepted accounting principles? Accrual Check