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Business, 12.06.2020 23:57 savage2015mj

In its first year of operations, Roma Company reports the following. Earned revenues of $58,000 ($50,000 cash received from customers). Incurred expenses of $32,000 ($24,800 cash paid toward them). Prepaid $10,000 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

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In its first year of operations, Roma Company reports the following. Earned revenues of $58,000 ($50...

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