# QUESTION 26 In its first year of operations. Grace Company reports the following: Earned revenues of...

###### Question:

QUESTION 26 In its first year of operations. Grace Company reports the following: Earned revenues of $60.000 (552,000 cash received from customers): Incurred expenses of 535,000 1531.000 tash paid toward them Prepaid$8,000 cash for costs that will not be expensed until next year. Net income under the accrual basis of accounting is: A. 517.000 OB. 521,000 C 518,000. D.525,000 E. None of the answer choices is correct.

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