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Question 4
The following is selected information from L Corporation for the fiscal year ending October 31 , 2014 .
Cash received from customers $ 300,000 Revenue earned 390,000 Cash paid for expenses 170,000
Cash paid for computers on November 1 , 2013 that will be used for 3 years 48,000
Expenses incurred including any depreciation 216,000
Question 5
La More Company had the following transactions during 2013 .
• Sales of $ 4,500 on account
• Collected $ 2,000 for services to be performed in 2014
• Paid $ 1,325 cash in salaries
• Purchased airline tickets for $ 250 in December for a trip to take place in 2014