ACC 290 Entire Course Link
https://uopcourses.com/category/acc-290/ 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
