Corporation for the fiscal year ending October 31, 2008 Cash received from customers $300,000 Revenue earned 380,000 Cash paid for expenses 170,000 Cash paid for computers on November 1, 2007 that will be usec for 3 years (annual depreciation is $16,000) 48,000 Expenses incurred, not including any depreciation 200,000 Proceeds from a bank loan, part of which was used to pay for the computers 00,000 Based on the accrual basis of accounting, what is J Corporation's net income for the year ending October 31, 2008? Use the following information for questions 15-16 Sheepskin Company had the following transactions during 2008 .Sales of $5,500 on account Collected $2,225 for services to be performed in 2009 . Paid $600 cash in salaries Purchased airline tickets for $255 in December for a trip to take place in 2009 15. What is Sheepskin's 2008 net income using accrual accounting? a. $3,875 b. $5,875 C. $4,900 d. $3,625 16. What is Sheepskin's 2008 net income using cash basis accounting