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y 1s $660 B) S640. C) $704. D) $620 15. James Company had checks outstanding totaling $21,600 on its June bank reconciliation. In July, James Company issued checks totaling $155,600. The July bank statement shows that $105,200 in checks cleared the bank in July. A check from one of James Company's customers in the amount of $1,200 was also returned marked "NSF. The amount of outstanding checks on James Company's July bank reconciliation should be A) $70,800. B) $28,800. C) $72,000. D) $50,400. 155, 600 -105,2 0o 55,400 16. The following is selected information from L. Corporation for the fiscal year ending October 31, 2014. Cash received from customers evenue earned Cash paid for expenses Cash paid for computers on November 1, 2013 that will $300,000 390,000 170,000 be used for 3 years 48,000 216,000 Expenses incurred including any depreciation 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? A) $174,000 B) $220,000 C) $204,000 D) $158,000 / 30,000 48 78,000 Pg,00 O Version l Page 4 10100