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  1. business
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  3. in its first year of operations, maria corp. earne

In its first year of operations, Maria Corp. earned $60,800 in service revenue. Of that...

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Accounting

imageimage 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. The company incurred various expenses totalling $35,400, of which $29,700 was paid in cash. At year end, $5,700 was still owing or 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. Calculate the first year's net income under the accrual basis of accounting. Net income under accrual basis $

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