Question: Given the data below for a firm in its first year of operation, determine net income under the cash basis of accounting. Revenue earned: $16,000

Given the data below for a firm in its first year of operation, determine net income under the cash basis of accounting. Revenue earned: $16,000 Accounts receivable: $3,000 Expenses incurred: $9.050 Accounts payable frelated to expenses: sp 5o

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