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A company had calculated net income to be $77,950 based on the unadjusted trial balance. The following adjusting entries were then made for: Salaries and
A company had calculated net income to be $77,950 based on the unadjusted trial balance. The following adjusting entries were then made for: | |
| Salaries and wages owed but not yet paid of $830 |
| Interest earned but not received from investments of $790 |
| Prepaid insurance premiums amounting to $590 have expired |
| Unearned revenue in the amount of $790 has now been earned. |
Required: |
Determine the amount of net income (loss) that will be reported after the adjustments are recorded |
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