Important Note! Before you start working on this problem, watch the Hint video. This video shows you exactly how to work this pre In its first year of operations, Roma Company reports the following: Earned revenues of $63,000 ($55,000 cash received from customers). Incurred expenses of $34,500 ($26,550 cash paid toward them). Prepaid $11,250 cash for costs that will not be expensed until next year. . Compute the company's first-year net income under both the cash basis and the accrual basis of accounting. Cash Basis Accrual Basis Revenues Expenses Net income Prev 3 of 4 !!! Next > search