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QUESTION 5: 10 POINTS - Find the errors.... Not GAAP Followers, Inc prepared the following income statement. Not GAAP Followers, Inc Income Statement as of
QUESTION 5: 10 POINTS - Find the errors.... Not GAAP Followers, Inc prepared the following income statement. Not GAAP Followers, Inc Income Statement as of December 31, 2020 Revenue Unearned Revenue Consulting Revenue $10 50 Total Revenue $60 5 Expenses Prepaid Rent Automobile Loan Wages Expense 30 10 Total Expenses $45 Net Income $15 *REQUIRED 8 Points - Identify the four errors on the statement (not including Net Income) 2 Points - What is the correct Net Income? (You don't need to prepare a statement, just the answer)
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