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

Given the data below for a firm in its first year of operation, determine net income under the cash basis of accounting. Cash received from customers $45,000 Accounts receivable 12,000 Cash paid for expenses 26.000 Accounts payable (related to expenses) 3,000 Prepaid rent for next period 7.000 O $19,000 O $28,000 O $21,000 O $12,000

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3. Tactical/strategic information.

3. To retrieve information from memory.