3 - Apply: Connect Homework (due Mon 6 Saved QS 3-2 Computing accrual and cash income LO C1 In its first year of operations, Roma Company reports the following. 03:46:12 Earned revenues of $62,000 ($54,000 cash received from customers). Incurred expenses of $34,000 ($26,200 cash paid toward them). Prepaid $11,000 cash for costs that will not be expensed until next year. Book Compute the company's first-year net income under both the cash basis and the accrual basis of accounting. Hint Cash Basis $ 54,000 Revenues Accrual Basis $ 62,000 34,000 Expenses Net income +