The following is selected information from C Corporation for the fiscal - 17186

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The following is selected information from C Corporation for the fiscal year ending October 31, 2011.

Cash received from customers    $150,000
Revenue earned    195,000
Cash paid for expenses    85,000
Cash paid for computers on November 1, 2010 that will be used for 3 years    24,000
Expenses incurred including any depreciation    109,000
Proceeds from a bank loan, part of which was used to pay for the computers    50,000

Based on the accrual basis of accounting, what is C Corporation’s net income for the year ending October 31, 2011?
     $102,000
     $86,000
     $95,000
     $87,000
                                       

Solution Description

 

The following is selected information from C Corporation for the fiscal year ending October 31, 2011.

 

Cash received from customers           $150,000

Revenue earned        &nb