corporation reports the following for the current year:
i. Sales on account totaled $150,000
ii. Cash collected from customers totaled $120,000
iii. Wages paid to employees totaled $100,000
iv. Wage expense incurred totaled $110,000
v. Prepaid $5,000 for rent that will be incurred next year
What is its net income for the current year using cash-basis accounting?
Group of answer choices
$35,000
$45,000
$15,000
$40,000
$50,000