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Business, 28.11.2020 01:40 robert7248

In its first year of operations, Roma Company reports the following. 1. Earned revenues of $45,000 ($37,000 cash received from customers). 2. Incurred expenses of $25,500 ($20,250 cash paid toward them). 3. Prepaid $6,750 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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In its first year of operations, Roma Company reports the following. 1. Earned revenues of $45,000 (...

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