Question
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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Glencoe Accounting First Year Course
Authors: Andrée Vary
1st Edition
978-0078688294, 0078688299
