QS $3-2($Static$)$ Computing accrual and cash income LO C$1$

In its first year of operations, Roma Company reports the following.

Earned revenues of $$45,000($ $$37,000$ cash received from customers$).$

Incurred expenses of $$25,500($ $$20,250$ cash paid toward them$).$

Prepaid $$6,750$ 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.

$\backslash$table$[[,$Cash Basis,Accrual Basis$],[$Revenues$,,],[$Expenses$,,],[$Net income,,$]]$