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Computing accrual and cash income

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Question 1: Computing accrual and cash income

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

Earned revenues of $50,000 ($42,000 cash received from customers).
Incurred expenses of $28,000 ($22,000 cash paid toward them).
Prepaid $8,000 cash for costs that will not be expensed until next year.

Question 2: Compute the company's first-year net income under both the cash basis and the accrual basis of accounting.

Reference no: EM132494675

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