blems Saved In its first year of operations, Roma Company reports the following: Earned revenues of $52,000 ($44,000 cash received from customers). Incurred expenses of $29,000 ($22,700 cash paid toward them). Prepaid $8,500 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 Pasis Accrual Basis Revenues Expenses Net income