Question: Given the data below for a firm in its first year of operation determine net income undre the cash basis of accounting. Cash received from

Given the data below for a firm in its first year of operation determine net income undre the cash basis of accounting. Cash received from cudtomers $45,000 Accounts receivable $12,000 Cash paid expenses $26,000 Account payable (related to expenses) $3,000 Prepaid rent for next period $7,000

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