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Compute the company first-year net income

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Problem - Computing accrual and cash income - In its first year of operations, Roma Company reports the following.

Earned revenues of $65,000 ($57,000 cash received from customers).

Incurred expenses of $35,500 ($27,250 cash paid toward them).

Prepaid $11,750 cash for costs that will not be expensed until next year.

Required - Compute the company's first-year net income under both the cash basis?

Reference no: EM132835130

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