Question: Given the data below for a firm in its first year of operation, determine net income under the cash basis of accounting. Revenue recognized Accounts

Given the data below for a firm in its first year of operation, determine net income under the cash basis of accounting.

Revenue recognized Accounts receivable Expenses incurred Accounts payable (related to expenses) Supplies purchased with cash $19,000 3,000 7,250 750 1.800 0

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