Question: Preparing a balance sheet and income statement: Schumanns provided services and billed its customers for $350,000 in 2016. Schumanns collected only $280,000 cash in 2016,

Preparing a balance sheet and income statement:

Schumanns provided services and billed its customers for $350,000 in 2016. Schumanns collected only $280,000 cash in 2016, the $70,000 was collected in 2017. Schumann employees earned $225,000 in 2016 wages that were not paid until the first week of 2017. How much net income does Schumann report for 2016? For 2017 (assuming no additional transactions)?

Transfer this information to a balance sheet and income statement.

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