During 2020, Reliable Corporation had cash and credit sales of $21,760 and $15,225, respectively. The company also collected accounts receivable of $9,765 and incurred operating expenses of $27,700,...

During 2020, Reliable Corporation had cash and credit sales of $21,760 and $15,225, respectively. The company also collected accounts receivable of $9,765 and incurred operating expenses of $27,700, 80% of which were paid during the year.  In addition, Reliable prepaid $4,500 for an 18 month advertising campaign that began September 30.  Reliable’s accrual basis net income (loss) for the year ending December 31, 2020 was:

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