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Beginning Ending Supplies $5,000 $1,200 Prepaid Insurance 6,400 800 1. Net income before adjustments is $22,400. Calculate net income after the adjustments have been made.

Beginning

Ending

Supplies

$5,000

$1,200

Prepaid Insurance

6,400

800

1.

Net income before adjustments is $22,400. Calculate net income after the adjustments have been made.

2.

Explain why the financial statements do not present an accurate picture of the company without considering the adjusting entries.

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