Question
On December 31, 2023, Vivid Corporation prepared adjusting entries that included the following items: -Depreciation expense: $28,000. -Accrued sales revenue: $26,000. -Accrued expenses: $18,000. -Used
On December 31, 2023, Vivid Corporation prepared adjusting entries that included the following items:
-Depreciation expense: $28,000.
-Accrued sales revenue: $26,000.
-Accrued expenses: $18,000.
-Used insurance: $6,000; the insurance was initially recorded as prepaid.
-Rent revenue earned: $4,000; the rent was initially prepaid by the tenant and credited to unearned rent revenue.
If Vivid Corporation reported pretax income of $200,000 prior to the adjusting entries, how much is Vivid's pretax income after the adjusting entries?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Financial Accounting An Introduction
Authors: Pauline Weetman
7th Edition
1292086696, 978-1292086699
