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Calculate the first years net income under cash basis

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Reference no: EM131783210

In its first year of operations, Roma Co. earned $55,000 in revenues and received $47,000 cash from these customers. The company incurred expenses of $30,500 but had not paid $6,750 of them at year-end. The company also prepaid $9,250 cash for costs that will not be expensed until the next year. Calculate the first year's net income under both the cash basis and the accrual basis of accounting

Reference no: EM131783210

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