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The following is selected information from C Corporation for the fiscal year ending October 31, 2014. Cash received from customers $150,000 Revenue earned 195,000 Cash
The following is selected information from C Corporation for the fiscal year ending October 31, 2014.
| Cash received from customers | $150,000 |
| Revenue earned | 195,000 |
| Cash paid for expenses | 85,000 |
| Cash paid for computers on November 1, 2013 that will be used for 3 years |
24,000 |
| Expenses incurred including any depreciation | 119,000 |
| Proceeds from a bank loan, part of which was used to pay for the computers |
50,000 |
Based on the accrual basis of accounting, what is C Corporations net income for the year ending October 31, 2014?
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