Question 4 The following is selected information from L Corporation for the fiscal year ending

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 Question 4

The following is selected information from L Corporation for the fiscal year ending October 31, 2014.

 

Cash received from customers
$300,000
Revenue earned
390,000
Cash paid for expenses
170,000
Cash paid for computers on November 1, 2013 that will be used for 3 years
48,000
Expenses incurred including any depreciation
216,000
Proceeds from a bank loan, part of which was used to pay for the computers
100,000
 

Based on the accrual basis of accounting, what is L Corporation’s net income for the year ending October 31, 2014?

 

$220,000

 

$174,000

 

$204,000

 

$158,000
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