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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
Proceeds from a bank loan, part of which was used to pay for
the computers 100,000
Based on the accrual basis of accounting, what is L
Corporation’s net income for the year ending October 31, 2014?
$204,000
$220,000
$174,000
$158,000
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