The following is selected information from Alpha-Beta-Gamma Corporation for the fiscal year ending October 31, 2011. $\begin{array}{lr}
\text { Cash received from customers } & \$ 300,000 \
\text { Revenue earned } & 350,000 \
\text { Cash paid for expenses } & 170,000 \
\text { Cash paid for computers on November 1, 2010 that will be used } & \
\quad \text { for 3 years (annual depreciation is } \$ 16,000 \text { ) } & 48,000 \
\text { Expenses incurred, not including any depreciation } & 200,000\\text { Proceeds from a bank loan, part of which was used to pay for }\\text { the computers }&100,000
\end{array}$ Based on the accrual basis of accounting, what is Alpha-Beta-Gamma Corporation's net income for the year ending October 31, 2011?

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The Answer of The following is selected information from Alpha-Beta-Gamma Corporation for the fiscal year ending October 31, 2011. $\begin{array}{lr}
\text { Cash received from customers } & \$ 300,000 \
\text { Revenue earned } & 350,000 \
\text { Cash paid for expenses } & 170,000 \
\text { Cash paid for computers on November 1, 2010 that will be used } & \
\quad \text { for 3 years (annual depreciation is } \$ 16,000 \text { ) } & 48,000 \
\text { Expenses incurred, not including any depreciation } & 200,000\\text { Proceeds from a bank loan, part of which was used to pay for }\\text { the computers }&100,000
\end{array}$ Based on the accrual basis of accounting, what is Alpha-Beta-Gamma Corporation's net income for the year ending October 31, 2011?

The Following Is Selected Information from Alpha-Beta-Gamma Corporation for the Fiscal