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Calculate the correct net income for Cheyenne's Enterprise for the month of February. Before month-end adjustments are made, the February 28 trial balance of Cheyenne's
Calculate the correct net income for Cheyenne's Enterprise for the month of February.
Before month-end adjustments are made, the February 28 trial balance of Cheyenne's Enterprise contains revenue of $ 8,800 and expenses of $7,832. Adjustments are necessary for the following items: . . . Depreciation for February is $ 1,056, Revenue earned but not yet billed is $ 2,576 Accrued interest expense is $ 936. Revenue collected in advance that is now recognized is $2,100. Portion of prepaid insurance expired during February is $ 600, . Calculate the correct net income for Cheyenne's Enterprise for the month of February Net income $ Step by Step Solution
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