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Cash received from customers Revenue recognized Cash paid for expenses Cash paid for computers on November 1, 2021 that will be used for 3 years (annual depreciation is $15500) Expenses incurred, including interest, but excluding any depreciation Proceeds from a bank loan, part of which was used to pay for the computers $296000 378000 181000 $100500 O $69500 O $141500 O $157000 46500 221000 105000 Based on the accrual basis of accounting what is Oriole Corporation's net income for the year ending October 31, 2022

Cash received from customers Revenue recognized Cash paid for expenses Cash paid for computers on November 1, 2021 that will be used for 3 years (annual depreciation is $15500) Expenses incurred, including interest, but excluding any depreciation Proceeds from a bank loan, part of which was used to pay for the computers $296000 378000 181000 $100500 O $69500 O $141500 O $157000 46500 221000 105000 Based on the accrual basis of accounting what is Oriole Corporation's net income for the year ending October 31, 2022

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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The following is selected information from Oriole Corporation for the fiscal year ending October 31, 2022 Cash received from customers $296000 378000 181000 Revenue recognized Cash paid for expenses Cash paid for computers on November 1, 2021 that will be used for 3 years (annual depreciation is $15500) Expenses incurred, including interest, but excluding any depreciation Proceeds from a bank loan, part of which was used to pay for the computers 46500 221000 $100500 O $69500. $141500 O $157000 105000 Based on the accrual basis of accounting, what is Oriole Corporation's net income for the year ending October 31, 2022
Transcribed Image Text:The following is selected information from Oriole Corporation for the fiscal year ending October 31, 2022 Cash received from customers $296000 378000 181000 Revenue recognized Cash paid for expenses Cash paid for computers on November 1, 2021 that will be used for 3 years (annual depreciation is $15500) Expenses incurred, including interest, but excluding any depreciation Proceeds from a bank loan, part of which was used to pay for the computers 46500 221000 $100500 O $69500. $141500 O $157000 105000 Based on the accrual basis of accounting, what is Oriole Corporation's net income for the year ending October 31, 2022
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