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During 2019, Jamison Company reported net income of $20,000 on their trial balance. The following items had not yet been considered: Services of $5,000
During 2019, Jamison Company reported net income of $20,000 on their trial balance. The following items had not yet been considered: Services of $5,000 had been performed in December 2019, but the customer had not yet been billed. A $2,500 legal bill was received on January 1, 2020 for legal work performed for Jamison during December 2019. In September 2019 a customer paid a $3,000 deposit to Jamison for work to be completed over the next six months. On December 31, 25% of the work was completed. On July 1, Jamison replenished its office supplies in the amount of $10,000. On December 31, there were $8,500 in supplies remaining. What is the amount of accrual basis net income after considering these items? A $19,250 B. $24,250 C. $14,750 D. $21,750
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