The following is selected information from J Corporation for the fiscal year ending October 31, 2008....
The following is selected information from J Corporation for the fiscal year ending October 31, 2008. Cash received from customers $300,000 Revenue earned 380,000 Cash paid for expenses 170,000 Cash paid for computers on November 1, 2007 that will be used for 3 years (annual depreciation is $16,000) 48,000 Expenses incurred, not including any depreciation 200,000 Proceeds from a bank loan, part of which was used to pay for the computers 100,000 Based on the accrual basis of accounting, what is J Corporation’s net income for the year ending October 31, 2008?
Homework Answers
Solution:
| J Corporation | |
| Computation of Net Income | |
| For year ended October 31, 2008 | |
| Particulars | Amount |
| Revenue | $380,000.00 |
| Expenses Incurred (Excluding depreciation) | $200,000.00 |
| Depreciation | $16,000.00 |
| Net Income | $164,000.00 |
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