ulowing iselected information from Alpha-Beta-Gamma Corporation for the is cal y

Question

ulowing iselected information from Alpha-Beta-Gamma Corporation for the is cal year ending October 31, 2017 Cash received fiom customers Revenue earned Cash paid for expenses Cash paid for computers on November 1, 2016 that will be used 6600,000 660,000 340,000 for 3 years (annual depreciation is $32,000) 96,000 Expenses incurred, including interest, but excluding any depreciation 400,000 Proceeds from a bank loan, part of which was used to pay for the computers 200,000 Based on the accrual basis of accounting, what is Alpha-Beta-Gamma Corporation's net income for the year ending October 31, 20177 a. 388,000 b. 228,000 c. 124,000. d. 260,000. Which of the following adjustments would require decreasing the liabilities reported on the statement of financial position? a. A company uses $400 worth of supplies during the year b. A company records $400 worth of depreciation on equipment. c. A company has earned $400 of revenue collected at the beginning of the year. d. A company records $400 of wages earned by employees that will be paid next year. 10.

Explanation / Answer

b. 228,000

10. d. A company records $400 of wages earned by employees that will be paid next year

Revenue earned 660,000.00 Less: Expenses incurred, including interest, but excluding any depreciation 400,000.00 Depreciation     32,000.00 432,000.00 228,000.00

Related Questions

Navigate

• Browse (All)
• Browse U
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.