The Following Is Selected Information from Monty Corporation for the Fiscal

question 24

Multiple Choice

The following is selected information from Monty Corporation for the fiscal year ending October 31, 2022. $\begin{array}{lr}\text { Cash received from customers } & \$ 300,000 \\\text { Revenue recognized } & 378,000 \\\text { Cash paid for expenses } & 180,000\\\text { Cash paid for computers on November 1, } 2023 \text { that will be used }\\\text { for } 3 \text { years (annual depreciation is } \$ 15,000 \text { ) } & 45,000 \\\text { Expenses incurred, including interest, but excluding any depreciation } & 230,000\\\text { Proceeds from a bank loan, part of which was used to pay for }\\\text { the computers }&100,000\end{array}$ What is Monty Corporation's net income for the year ending October 31, 2022?

• A) $75,000.
• B) $105,000.
• C) $133,000.
• D) $148,000.

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