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 $41400

Accounts receivable 11040

Cash paid for expenses 23920

Accounts payable (related to expenses) 2760

Prepaid rent for next period 6440

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