Question
Exercise H Rubino Company reported net income of USD 100,000 for the current year. Examination of the work sheet and supporting data indicates that the
Exercise H Rubino Company reported net income of USD 100,000 for the current year. Examination of the work sheet and supporting data indicates that the following items were ignored: Accrued salaries were USD 6,000 at December 31. Depreciation on equipment acquired on July 1 amounted to USD 4,000. Based on this information, (a) what adjusting journal entries should have been made at December 31, and (b) what is the correct net income?
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Accounting For Managers Interpreting Accounting Information For Decision Making
Authors: Paul M. Collier
3rd Edition
0470777648, 9780470777640
