Current Attempt in Progress The following is selected information from Alpha-Beta-Gamma Corporation for the fiscal year ending October 31, 2020 Cash received from customers 600,000 Revenue earned 660,000 Cash paid for expenses 340,000 Cash paid for computers on November 1, 2019 that will be used for 3 years (annual depreciation is $32.000) 96,000 Expenses incurred, including interest, but excluding any 400.000 depreciation Proceeds from a bank loan, part of which was used to pay for the computers 200,000 Based on the accrual basis of accounting, what is Alpha-Beta-Gamma Corporation's net income for the year ending October 31, 20202 228.000 260,000 124.000 388,000 Current Attempt in Progress Which of the following adjustments would require decreasing the liabilities reported on the statement of financial position? A company uses $400 worth of supplies during the year. A company records $400 of wages earned by employees that will be paid next year. O A company records $400 worth of depreciation on equipment A company has earned $400 of revenue collected at the beginning of the year. Current Attempt in Progress Adjusting entries all of these answer choices are correct include both accruals and deferrals. ensure that the revenue recognition and expense recognition principles are followed, Oare necessary to enable the financial stateme tements to conform to international Financial Reporting Standards (IFRS), Current Attempt in Progress Hercules Company purchased a computer for $4,500 on December 1. It is estimated that annual depreciation on the computer will be $900. If financial statements are to be prepared on December 31, the company should make the following adjusting entry: Debit Depreciation Expense. $900 Credit Accumulated Depreciation, 5900 Debit Depreciation Expense $3.600 Credit Accumulated Depreciation, $3,600 Debit Office Equipment, $4,500; Credit Accumulated Depreciation, $4,500, Debit Depreciation Expense, $75: Credit Accumulated Depreciation, 575