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Compute the company first-year net income

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

Earned revenues of $54,000 ($46,000 cash received from customers).

Incurred expenses of $30,000 ($23,400 cash paid toward them).

Prepaid $9,000 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 and the accrual basis of accounting?

Reference no: EM132973267

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