Homework Saved 1 1 points He In its first year of operations, Roma Company reports the following Eamed revenues of $55,000 ($47,000 cash received from customers). Incurred expenses of $30,500 ($23.750 cash paid toward them). Prepaid $9.250 cash for costs that will not be expensed until next year. Compute Roma's first-year net income under the cash basis and the accrual basis of accounting Cash Basis Accrual Basis Revenues $ Expenses Net income 55,000