Using the information provided below, compute net income using the accrual and modified cash bases.
a. Revenues earned for the year, $500,000.
b. Cash collected from patients and insurance companies during the year, $520,000.
c. Total expenses incurred during the year, $300,000.
d. Bills for services received this year (expenses), but not yet paid, $5,000.
e. Bills for services received last year, but paid this year, $3,000.
f. Wages earned by employees this year, but not yet paid, $10,000.
g. Wages earned by employees last year, but paid this year, $15,000.