The following is selected information from Monty Corporation for the fiscal year ending October 31, 2017. Cash received from customers $400,000 Revenue recognized 478,000 Cash paid for expenses 280,000 Cash paid for computers on November 1, 2016 (annual depreciation is $15,000) 55,000 Expenses incurred, including interest, but excluding any depreciation 230,000 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 Monty Corporation’s net income for the year ending October 31, 2017?

The following is selected information from Monty Corporation for the fiscal year ending October 31, 2017. Cash received from customers $400,000 Revenue recognized 478,000 Cash paid for expenses...

The following is selected information from Monty Corporation for the fiscal year ending October 31, 2017.

Cash received from customers	$400,000
Revenue recognized	478,000
Cash paid for expenses	280,000
Cash paid for computers on November 1, 2016 (annual depreciation is $15,000)	55,000
Expenses incurred, including interest, but excluding any depreciation	230,000
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 Monty Corporation’s net income for the year ending October 31, 2017?

Jun 02, 2022