In its first year of operations, Roma Company reports the following. • Earned revenues of $51,000 ($43,000 cash received

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In Its First Year Of Operations Roma Company Reports The Following Earned Revenues Of 51 000 43 000 Cash Received 1 (26.36 KiB) Viewed 58 times

In its first year of operations, Roma Company reports the following. • Earned revenues of $51,000 ($43,000 cash received from customers). • Incurred expenses of $28,500 ($22,350 cash paid toward them). • Prepaid $8,250 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. Cash Basis Accrual Basis Revenues I... Expenses Net income