Homework Answers
Under accrual basis of accounting, transactions are recorded when they are earned not when they are received or paid.
Calculation of Net income under accrual basis of accounting
| Net income | |
| Revenue recognized | $370000 |
| Less: Expenses incurred | -219000 |
| Depreciation | -15500 |
| Net income | $135500 |
So, the answer is option B) $135500
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