User Account

All Pages

What is l corporation net income for the year ending oct

Assignment Help Financial Accounting
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

Questions Cloud

Prepare the journal entries for crane company transaction : Prepare the journal entries for the crane company transactions. Crane company had these transactions during the current period
Discuss carla vista is considering the two courses action : Carla Vista Co balance sheet consists of common STOCK $396,000 and retained earnings $409,000. Carla Vista is considering the two courses action
Make a profit in the short-run and long-run : If there is no general theory of Oligopoly how do we explain the behavior of firms in this market?
Discuss the current account and its components : Discuss the current account and its components. The capital account and financial account and their components.
What is l corporation net income for the year ending oct : Based on the accrual basis of accounting, what is L Corporation's net income for the year ending October 31, 2019? Cash received from customers
How important is the us deficit in traded goods : How important is the us deficit in traded goods in regard to balance of payments?
Explain the liberal conservative and radical views : What does each group believe is society's responsibility to the poor? With which of these groups do you believe and why?
Reflection about partnership operation : Reflection about partnership operation, partnership dissolution, installment liquidation, partnership liquidation and change in capital structure
What advantages or disadvantages are there to fiscal policy : Discuss Keynesian Economic Theory & Fiscal Policy. What did John Maynard Keynes think about the overall economy? Describe what Fiscal Policy is.

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd