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What is l corporation net income for the year ending october

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Reference no: EM132795114

The following is selected information from L Corporation for the fiscal year ending Oct 31, 2022.

Cash received from customers                                                                   $300,000

Revenue recognized                                                                                 440,000

Cash paid for expenses                                                                             170,000

Cash paid for computers on November 1, 2021 that will be used for 3 years          48,000

Expenses incurred including any depreciation                                                     216,000

Proceeds from a bank loan, part of which was used to pay for the computers           100,000

Problem 1: Based on the accrual basis of accounting, what is L Corporation's net income for the year ending October 31, 2022?

A. $254,000
B. $224,000
C. $208,000
D. $270,000

Reference no: EM132795114

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