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c. events that change a company's financial statements are recognized in the period they occur rather than in the period in which cash is paid or received. d. the ledger accounts must be adjusted to reflect a cash basis of accounting before financial statements are prepared under generally accepted accounting principles. 37. The following is selected information from C Corporation for the fiscal yea ending October 31, 2014. Cash received from customers $150,000 Revenue earned 195,000 Cash paid for expenses 85,000 Cash paid for computers on November 1, 2013 that will be used for 3 years 24,000 Expenses incurred including any depreciation 119,000 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, 2014? a. $102,000 b. $86,000 C. $76,000 d. $110,000 Leyland Realty Company received a check for $15,000 on July 1, which represents a 6-month advance payment of rent on a building it rents to a client.

c. events that change a company's financial statements are recognized in the period they occur rather than in the period in which cash is paid or received. d. the ledger accounts must be adjusted to reflect a cash basis of accounting before financial statements are prepared under generally accepted accounting principles. 37. The following is selected information from C Corporation for the fiscal yea ending October 31, 2014. Cash received from customers $150,000 Revenue earned 195,000 Cash paid for expenses 85,000 Cash paid for computers on November 1, 2013 that will be used for 3 years 24,000 Expenses incurred including any depreciation 119,000 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, 2014? a. $102,000 b. $86,000 C. $76,000 d. $110,000 Leyland Realty Company received a check for $15,000 on July 1, which represents a 6-month advance payment of rent on a building it rents to a client.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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c. events that change a company's financial statements are recognized in the period they occur rather than in the period in which cash is paid or received. d. the ledger accounts must be adjusted to reflect a cash basis of accounting before financial statements are prepared under generally accepted accounting principles. 37. The following is selected information from C Corporation for the fiscal yea ending October 31, 2014. Cash received from customers $150,000 Revenue earned 195,000 Cash paid for expenses 85,000 Cash paid for computers on November 1, 2013 that will be used for 3 years 24,000 Expenses incurred including any depreciation 119,000 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, 2014? a. $102,000 b. $86,000 C. $76,000 d. $110,000 Leyland Realty Company received a check for $15,000 on July 1, which represents a 6-month advance payment of rent on a building it rents to a client.
Transcribed Image Text:c. events that change a company's financial statements are recognized in the period they occur rather than in the period in which cash is paid or received. d. the ledger accounts must be adjusted to reflect a cash basis of accounting before financial statements are prepared under generally accepted accounting principles. 37. The following is selected information from C Corporation for the fiscal yea ending October 31, 2014. Cash received from customers $150,000 Revenue earned 195,000 Cash paid for expenses 85,000 Cash paid for computers on November 1, 2013 that will be used for 3 years 24,000 Expenses incurred including any depreciation 119,000 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, 2014? a. $102,000 b. $86,000 C. $76,000 d. $110,000 Leyland Realty Company received a check for $15,000 on July 1, which represents a 6-month advance payment of rent on a building it rents to a client.
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