Olivet, Inc. has the following transactions during the month of May: May 1st: Prepaid three months of rent for $6,000, covering May through July. May 5th: Collected $56,000 payment in advance for work to be performed. $20,000 is performed in May and the rest in June. May 18th: Performed $7,500 of services, receiving $1,800 now and billing client for remainder. May 25th: Received $800 from client billed on May 18th. May 30th: Received utility bill for May of $4,000; will pay in June. What amount of net income would Olivet record for May under the accrual basis of accounting

University hero is considering expanding operations beyond its healthy sandwiches. jim axelrod, vice president of marketing, would like to add a line of smoothies with a similar health emphasis. each smoothie would include two free health supplements such as vitamins, antioxidants, and protein. jim believes smoothie sales should fill the slow mid-afternoon period. adding the line of smoothies would require purchasing additional freezer space, machinery, and equipment. jim provides the following projections of net sales, net income, and average total assets in support of his proposal. sandwichesonly sandwiches and smoothies net sales $ 750,000 $ 1,350,000 net income 120,000 210,000 average total assets 350,000 750,000 return on assetschoose numerator ÷ choose denominator = return on assets÷ = return on assets÷ = profit margin÷ = profit margin÷ = asset turnover÷ = asset turnover÷ = times