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

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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