The following is selected information from Novak Corp. for the fiscal year ending October 31, 2022. Cash received from customers $366000 Revenue recognized 536800 Cash paid for expenses 207400 Cash paid for computers on November 1, 2021 that will be used for 3 years 58560 Expenses incurred including any depreciation 263520 Proceeds from a bank loan, part of which was used to pay for the computers 122000 Based on the accrual basis of accounting, what is Novak's net income for the year ending October 31, 20: O $329400 O $273280 O $309880 O $253760

The following is selected information from Novak Corp. for the fiscal year ending October 31, 2022. Cash received from customers $366000 Revenue recognized 536800 Cash paid for expenses 207400 Cash paid for computers on November 1, 2021 that will be used for 3 years 58560 Expenses incurred including any depreciation 263520 Proceeds from a bank loan, part of which was used to pay for the computers 122000 Based on the accrual basis of accounting, what is Novak's net income for the year ending October 31, 20: O $329400 O $273280 O $309880 O $253760

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter12: Intangibles

Section: Chapter Questions

Problem 10MC

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Subject: acounting
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