The following is selected information from G Corporation for the fiscal year

The following is selected information from g

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79.The following is selected information from G Corporation for the fiscal year ending October 31, 2007.Cash received from customers$150,000Revenue earned 175,000Cash paid for expenses85,000Cash paid for computers on November 1, 2006 that will be used for 3 years24,000Expenses incurred, not including any depreciation100,000Proceeds from a bank loan, part of which was used to pay for the computers50,000Based on the accrual basis of accounting, what is G Corporation’s net income for the year ending October 31, 2007? a.$57,000b.$67,000c.$41,000d.$75,000
Test Bank for Financial Accounting: Tools for Business Decision Making, Fourth Edition4-14 Use the following information to answer questions 80 and 81.Sheepskin Company had the following transactions during 2006.Sales of $4,500 on accountCollected $2,000 for services to be performed in 2007Paid $625 cash in salariesPurchased airline tickets for $250 in December for a trip to take place in 200780.What is Sheepskin’s 2006 net income using accrual accounting? 81.What is Sheepskin’s 2006 net income using cash basis accounting? Use the following information to answer questions 82 and 83. Renfro Company had the following transactions during 2006.Sales of $5,400 on accountCollected $2,400 for services to be performed in 2007Paid $750 cash in salariesPurchased airline tickets for $300 in December for a trip to take place in 200782.What is Renfro’s 2006 net income using accrual accounting? 83.What is Renfro’s 2006 net income using cash basis accounting? a.$7,050b.$1,650c.$6,750d.$1,35084. Which of the following reflect the balances of prepayment accounts prior to adjustment?
A Further Look at Financial Statements4-15 85.The primary difference between prepaid and accrued expenses is that prepaid expenses have 86.The primary difference between accrued revenues and unearned revenues is that accrued revenues have

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