The following is selected information from L Corporation for the fiscal year ending October 31, 2014.
Cash received from customers $300,000
Revenue earned 390,000
Cash paid for expenses 170,000
Cash paid for computers on November 1, 2013 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
Based on the accrual basis of accounting, what is L Corporation’s net income for the year ending October 31, 2014?
$204,000
$220,000
$174,000
$158,000
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