1 QS 3-2 Computing accrual and cash income LO C1 1 points In its first year of operations, Roma Company reports the following. Earned revenues of $60,000 ($52,000 cash received from customers). Incurred expenses of $33,000 ($25,500 cash paid toward them). Prepaid $10,500 cash for costs that will not be expensed until next year. eBook TO Compute Roma's first-year net income under the cash basis and the accrual basis of accounting. Hint Cash Basis Accrual Basis Ask Revenues Expenses Net income References