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. Compute Roma's first-year net income under the cash basis and the accrual basis of accountin Cash Basis Accrual Basis Revenues $ 52,000 $ Expenses 25,500 Net income 60,000 33,000 13