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Given the data below for a firm in its first year of operation, determine net income under the accrual basis of accounting. Revenue recognized $18620
Given the data below for a firm in its first year of operation, determine net income under the accrual basis of accounting.
Revenue recognized $18620
Accounts receivable 2940
Expenses incurred 7110
Accounts payable (related to expenses) 740
Supplies purchased with cash 1764
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