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Compute Roma first-year net income

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Question - In its first year of operations, Roma Company reports the following.

Earned revenues of $52,000 ($44,000 cash received from customers).

Incurred expenses of $29,000 ($22,700 cash paid toward them).

Prepaid $8,500 cash for costs that will not be expensed until next year.

Required - Compute Roma's first-year net income under the cash basis and the accrual basis of accounting.

Reference no: EM133103948

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