TION 15The following is selected information from Majanet answeredCorporation for the fiscal year ending March 31, 2011. Cashed out of 1.00received from customers $24,000 from previous yearsag questionaccrued revenue;Revenue earned 28,000; Cash paid forexpenses 13,60o for previous accrued expenses; Cash paidfor computers on April 1, 2010 3,840 that will be used for 3years (annual depreciation is $1,280); Expenses incurred,not including any depreciation 16,000; Proceeds from abank loan, part of which was used to pay for thecomputers 8,000; Based on the accrual basis ofaccounting, what is Majan Corporation's net income forthe year ending March 31, 2011?Select one:a. $12,000.b. $10,720.C. $9,120.d. $6,560.

Name: TION 15The following is selected information from Majanet answeredCor
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Description: TION 15The following is selected information from Majanet answeredCorporation for the fiscal year ending March 31, 2011. Cashed out of 1.00received from customers $24,000 from previous yearsag questionaccrued revenue;Revenue earned 28,000; Cash paid

Answer : Cash received from customers relating to previous years accrued revenue is no affect on…

Business

Accounting

The following is selected information from Majan Corporation for the fiscal year ending March 31, 2011. Cash received from customers $24,000 from previous years accrued revenue;Revenue earned 28,000; Cash paid for expenses 13,60o for previous accrued expenses; Cash paid for computers on April 1, 201O 3,840 that will be used for 3 years (annual depreciation is $1,280); Expenses incurred, not including any depreciation 16,000; Proceeds from a bank loan, part of which was used to pay for the computers 8,000; Based on the accrual basis of accounting, what is Majan Corporation's net income for the year ending March 31, 2011? Select one: a. $12,000. b. $10,720. C. $9,120. d. $6,560.

The following is selected information from Majan Corporation for the fiscal year ending March 31, 2011. Cash received from customers $24,000 from previous years accrued revenue;Revenue earned 28,000; Cash paid for expenses 13,60o for previous accrued expenses; Cash paid for computers on April 1, 201O 3,840 that will be used for 3 years (annual depreciation is $1,280); Expenses incurred, not including any depreciation 16,000; Proceeds from a bank loan, part of which was used to pay for the computers 8,000; Based on the accrual basis of accounting, what is Majan Corporation's net income for the year ending March 31, 2011? Select one: a. $12,000. b. $10,720. C. $9,120. d. $6,560.

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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