The following is selected information from Punto Corporation for the fiscal year ended October 31, 2021.

Cash received from customers	400.000 $
Cash paid for expenses	250.000
Income from a partially used bank loan pay for computers	135.000
earned income	425.000
Cash paid for computer on November 1, 2020 3 years to use	60.000
Expenses including depreciation	289.000

What is Punto Corporation's net income for the year ended October 31, 2021, on an accrual basis of accounting?

Answer rating: 100% (QA)

from an accrual approach of accounting we have to add up Punto Corporations rev... View the full answer