In its first year of operations, Roma Company reports the following. Earned revenues of $51,000 ($43,000 cash received from customers). Incurred expenses of $28,500 ($22,350 cash paid toward them). Prepaid $8,250 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. Revenues Expenses Net income Cash Basis Accrual Basis

In its first year of operations, Roma Company reports the following. - Earned revenues of $51,000 ( $43,000 cash received from customers). - Incurred expenses of $28,500 ( $22,350 cash paid toward them). - Prepaid $8,250 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