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Prior to recording of adjusting entries, revenues exceed expenses by $60,000. Adjusting entries for accrued wages of $10,000 and depreciation expense of $10,000 were made.
Prior to recording of adjusting entries, revenues exceed expenses by $60,000. Adjusting entries for accrued wages of $10,000 and depreciation expense of $10,000 were made. Net income for the year would be Answer A. $60,000. B. $50,000. C. $40,000. D. none of the above
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