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help... when i subtract 41,000-27,500 to find the net income it says inccorect. In its first year of operations, Roma Company reports the following. Earned
help... when i subtract 41,000-27,500 to find the net income it says inccorect.
In its first year of operations, Roma Company reports the following. Earned revenues of $49,000 ($41,000 cash received from customers). Incurred expenses of $27,500 ($21,650 cash paid toward them). . Prepaid $7,750 cash for costs that will not be expensed until next year. Compute Roma's first-year net income under the cash basis and the accrual basis of accounting. Answer is not complete. Cash Accrual Basis Basis $ 41,000 Revenues Expenses Net income 27,500 Step by Step Solution
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