Question - Guay Corp., a start-up company, provided services that were acceptable to its customers and billed those customers for $360,000 in 2012. However, Guay collected only $280,000 cash in 2012, and the remaining $80,000 of 2012 revenues were collected in 2013. Guay employees earned $200,000 in 2012 wages that were not paid until the first week of 2013. How much net income does Guay report for 2012?