Calculate the first year's net income under the cash basis of accounting.

In its first year of operations, Maria Corp. earned $$53,200$ in service revenue. Of that amount, $$8,300$ was on account and the remainder, $$44,900,$ was collected in cash from customers.

The company incurred various expenses totalling $$31,600,$ of which $$27,800$ was paid in cash. At year end, $$3,800$ was still owing on account. In addition, Maria prepaid $$2,300$ for insurance coverage for the last half of the first year and the first half of the second year. Maria expects to owe $$3,300$ of income tax when it files its corporate income tax return after year end.