Question: Given the data below for a firm in its first year of operation, determine net income under the accrual basis of accounting. Revenue recognized $18620

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

Revenue recognized $18620

Accounts receivable 2940

Expenses incurred 7110

Accounts payable (related to expenses) 740

Supplies purchased with cash 1764

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