Question: Please help filling out the table! In its first year of operations, Roma Company reports the following Earned revenues of $53,000 ($45,000 cash received from

Please help filling out the table! In its first year of

Please help filling out the table!

In its first year of operations, Roma Company reports the following Earned revenues of $53,000 ($45,000 cash received from customers) Incurred expenses of $29,500 ($23,050 cash paid toward them) Prepaid $8,750 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 Bas Revenues Expenses Net income

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