The Following Is Selected Information from Motley Corporation for the Fiscal

question 141

Multiple Choice

The following is selected information from Motley Corporation for the fiscal year ending October 31, 2015. $\begin{array}{lr}\text { Cash received from customers } & \$ 300,000 \\\text { Revenue recognized } & 375,000 \\\text { Cash paid for expenses } & 180,000 \\\text { Cash paid for computers on November 1, 2014 that will be used } & \\\quad \text { for 3 years (annual depreciation is } \$ 16,000 \text { ) } & 48,000\\\text { Expenses incurred, including interest, but excluding any depreciation }&220,000\\\text { Proceeds from a bank loan, part of which was used to pay for }\\\text { the computers }&100,000\end{array}$ Based on the accrual basis of accounting, what is Motley Corporation's net income for the year ending October 31, 2015?

• A) $72,000.
• B) $104,000.
• C) $139,000.
• D) $155,000.

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Definitions:

Reality Engineering

Reality Engineering refers to the process of shaping or manipulating perceptions of reality through technological, psychological, or social means, often in the context of virtual environments or media.

Innovators

Individuals or companies who are the first to explore and develop new products, technologies, or methods, often leading the way in market changes and trends.

Early Adopters

Individuals or organizations that quickly embrace new technologies or innovations before the majority of the population, often influencing later adoption by others.

Boutiques

Small, specialized shops or businesses that offer unique, often high-end or niche products.