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QS 3-2(Algo) Computing accrual and cash income LO C1 In its first year of...

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Accounting

QS 3-2(Algo) Computing accrual and cash income LO C1
In its first year of operations, Roma Company reports the following.
Earned revenues of $59,000( $51,000 cash received from customers).
Incurred expenses of $32,500( $25,150 cash paid toward them).
Prepaid $10,250 cash for costs that will not be expensed until next year.
Compute Roma's first-year net income under the cash basis and the accrual basis of accounting.
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