Stars Bakery started 12 months ago as a supplier of gluten free desserts to restaurants all over the province. During its first year of operations teamed $62.000 in revenues and 551,000 in expenses The bust $50,000 Nom casters and paid all but 32.500 to as suppliers Stems also prepaid $7.500 for prepaid rant and other expenses for the next year. Calculate the net income under the cash basis and then under the accrual basis Begin by calculating net income for the cash basis, then the accrual basis Cash Basis Accrual Basis Cash received S 50,000 56.000 Cash paid $ 2.000 Net lecome Net income