1 Cash and accrual basis LOT During 2017, Supreme Media Company earned $77500 in revenue. At year-end, only $58500 of that revenue had been collected. Not only this, Supreme Media incurred $39600 of expenses of which only $35000 had been paid. REQUIRED Determine profit or loss (total comprehensive income) for the year under (a) the cash basis of accounting and (b) the accrual basis of accounting