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What is l corporation net income for the year ending oct

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Reference no: EM132505338

The following is selected information from L Corporation for the fiscal year ending October 31, 2019.

Cash received from customers                                                                      $300,000

Revenue recognized                                                                                     440,000

Cash paid for expenses                                                                                170,000

Cash paid for computers on November 1, 2016 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

Question 1: Based on the accrual basis of accounting, what is L Corporation's net income for the year ending October 31, 2019?

Reference no: EM132505338

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