Business, 30.05.2021 01:00 emmalucilleblaha1995
In its first year of operations, Roma Company reports the following.
Earned 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.
Required:
Compute the company’s first-year net income under both the cash basis and the accrual basis of accounting.
Answers: 1
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In its first year of operations, Roma Company reports the following.
Earned revenues of $55,000 ($4...
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