Reference no: EM132644953
Question - The following is selected information from Marigold Corporation for the fiscal year ending October 31, 2018
Cash received from customers $303000
Revenue recognized 375000
Cash paid for expenses 184000
Cash paid for computers on November 1, 2017 that will be used for 3 years (annual depreciation is $16000) 48000
Expenses incurred, including interest, but excluding any depreciation 225000
Proceeds from a bank loan, part of which was used to pay for the computers 99000
Required - Based on the accrual basis of accounting, what is Marigold Corporation's net income for the year ending October 31, 2018?
a. $134000.
b. $78000.
c. $150000.
d. $110000.
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