The following is selected information from L corporation for the fiscal year ending October 21, 2022: Cash received from customers Revenue recognized Cash paid for expenses Cash paid for computers on Nov. 1, 2021 that will be used for 3 years Expenses incurred including any depreciation Proceeds from a bank loan, part of which was used to pay for the computers $224,000 O $254,000 Based on the accrual basis of accounting, what is L corporation's net in some for the year ending October 31, 2022? O $208,000 $300,000 440,000 170,000 O $270,000 48,000 216,000 100,000
The following is selected information from L corporation for the fiscal year ending October 21, 2022: Cash received from customers Revenue recognized Cash paid for expenses Cash paid for computers on Nov. 1, 2021 that will be used for 3 years Expenses incurred including any depreciation Proceeds from a bank loan, part of which was used to pay for the computers $224,000 O $254,000 Based on the accrual basis of accounting, what is L corporation's net in some for the year ending October 31, 2022? O $208,000 $300,000 440,000 170,000 O $270,000 48,000 216,000 100,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:The following is selected information from L corporation for the fiscal year ending October
21, 2022:
Cash received from customers
Revenue recognized
Cash paid for expenses
Cash paid for computers on Nov. 1, 2021 that will be used
for 3 years
Expenses incurred including any depreciation
Proceeds from a bank loan, part of which was used to
pay for the computers
O $224,000
$254,000
Based on the accrual basis of accounting, what is L corporation's net in some for the year
ending October 31, 2022?
$208,000
$300,000
440,000
170,000
$270,000
48,000
216,000
100,000
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