Reference no: EM132896401
Question - The following is selected information from Alpha-Beta-Gamma Corporation for the fiscal year ending October 31, 2017.
Cash received from customers €600,000
Revenue earned 660,000
Cash paid for expenses 340,000
Cash paid for computers on November 1, 2016 that will be used
for 3 years (annual depreciation is $32,000) 96,000
Expenses incurred, including interest, but excluding any depreciation 400,000
Proceeds from a bank loan, part of which was used to pay for the computers 200,000
Based on the accrual basis of accounting, what is Alpha-Beta-Gamma Corporation's net income for the year ending October 31, 2017?
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