Question 1 of 9 View Policies Current Attempt in Progress (a) In its first year of operations, Maria Corp. earned $60,800 in service revenue. Of that amount, $10,200 was on account and the remainder, $50,600, was collected in cash from customers. > Calculate the first year's net income under the accrual basis of accounting The company incurred various expenses totalling $35,400, of which $29,700 was paid in cash. At year end, $5,700 was still owing on account. In addition Maria prepaid $4.200 for insurance coverage for the last half of the first year and the first half of the second year. Maria expects to owe $5,200 of income tax when it files its corporate income tax return after year end. Net income under accrual basis $ eTextbook and Media List of Accounts Save for Later -/2 Attempts: 0 of 3 used E (b) The parts of this question must be completed in order. This part will be available when you complete the part above. I Submit Answer

(a) eTotbock and Media List of Accounts Attemptic oof sused (b)