income LO C1 In its first year of operations, Roma Company reports the following. Earned revenues of $59.000 ($51,000 cash received from customers). Incurred expenses of $32,500 ($25,150 cash paid toward them). Prepaid $10,250 cash for costs that will not be expensed until next year. Compute the company's first-year net income under both the cash basis and the accrual basis of accounting. Cash Basis Accrual Basis Revenues Expenses Net Income Prev 1 of 10 Next > o or anything