Question: Given the data below for a firm in its first year of operation, determine net income under the cash basis of accounting. $42300 11280 24440

Given the data below for a firm in its first year of operation, determine net income under the cash basis of accounting. $42300 11280 24440 Cash received from customers Accounts receivable Cash paid for expenses Accounts payable (related to expenses) Prepaid rent for next period 2820 6580 $26320 $11280 $17860 519740

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