In its first year of operations, roma co. earned $45,000 in revenues and received $37,000 cash from these customers. the company incurred expenses of $25,500 but had not paid $5,250 of them at year-end. the company also prepaid $6,750 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.

Juanita and sam attend a beach party and notice that the local beach appears to have a great deal more trash washed up on shore than it did when they were young. the water doesn't appear nearly as clear, and there seems to be less evidence of small water creatures living in the shallows. an afternoon at the local library convinces them that one major cause is the new factory nearby. after some discussion, they decide their next step should be identifying the cause of the changes identifying the problem picketing the guilty factory lobbying their elected representatives to complain about the problem talking to a local environmental group about solutions