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What is c corporation net income for the year

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Reference no: EM133003835

The following is selected information from C Corporation for the fiscal year ending October 31, 2014.

Cash received from customers $150,000

Revenue earned 195,000

Cash paid for expenses 85,000

Cash paid for computers on November 1, 2013 that will be used for 3 years 24,000

Expenses incurred including any depreciation 119,000

Proceeds from a bank loan, part of which was used to pay for the computers 50,000

Problem 1: Based on the accrual basis of accounting, what is C Corporation's net income for the year ending October 31, 2014?

a. $102,000

b. $86,000

c. $76,000

d. $110,000

Reference no: EM133003835

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