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Compute the company first-year net income

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Question - Given

Earned revenues of $62,000 ($54,000 cash received from customers).

Incurred expenses of $34,000 ($26,200 cash paid toward them).

Prepaid $11,000 cash for costs that will not be expensed until next year.

Compute the company's first-year net income under both the cash basis and the accrual basis of accounting?

Reference no: EM132251673

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