Review the Tableau visualization, and then answer the questions that follow. Adjustment for Rent Expired Before Adjustment $20,000 $40,000 Adjustment for Customer Services Provided Before Adjustment $12,000 $24,000 Adjustment for Income Taxes Owed Before Adjustment $10,000 $20,000 Adjustment for Interest Earned on Note Before Adjustment $6,000 $8,000 On December 31, a company is preparing its year-end financial statements. All account balances have been updated for transactions during the year, but no year-end adjusting entries have yet been made. The following information is available: - On September 1 , the company paid $60,000 to rent a storage facility for 12 months. - On November 1, the company received $36,000 from a customer for services to be provided evenly over the next six months. - During the year, the company paid and recorded $30,000 in income tax expense. On December 31 , the company determines it owes additional income tax of $10,000 but that amount won't be paid until next April 15. - On April 1, the company lent $100,000 to one of its suppliers. The principal and 8% interest are due in one year. (Note: The interest is simple interest and not compound.) Required: Complete this question by entering your answers in the tabs below. Initial amounts shown in the dashboard are before any adjusting entries. For each item, select the appropriate amount of the adjusting entry and determine whether there is an increase or decrease to total assets, total liabilities, and total stockholders' equity. On December 31, a company is preparing its year-end financial statements. All account balances have been updated for transactions during the year, but no year-end adjusting entries have yet been made. The following information is available: - On September 1 , the company paid $60,000 to rent a storage facility for 12 months. - On November 1, the company received $36,000 from a customer for services to be provided evenly over the next six months. - During the year, the company paid and recorded $30,000 in income tax expense. On December 31 , the company determines it owes additional income tax of $10,000 but that amount won't be paid until next April 15 . - On April 1, the company lent $100,000 to one of its suppliers. The principal and 8% interest are due in one year. (Note: The interest is simple interest and not compound.) Required: Complete this question by entering your answers in the tabs below. For each adjusting entry, determine whether there is an increase or decrease to total revenues, total expenses, and net income. On December 31, a company is preparing its year-end financial statements. All account balances have been updated for transactions during the year, but no year-end adjusting entries have yet been made. The following information is available: - On September 1 , the company paid $60,000 to rent a storage facility for 12 months. - On November 1, the company received $36,000 from a customer for services to be provided evenly over the next six months. - During the year, the company paid and recorded $30,000 in income tax expense. On December 31 , the company determines it owes additional income tax of $10,000 but that amount won't be paid until next April 15 . - On April 1, the company lent $100,000 to one of its suppliers. The principal and 8% interest are due in one year. (Note: The interest is simple interest and not compound.) Required: Complete this question by entering your answers in the tabs below. What is the amount of net income (loss) before any adjusting entries and after all adjusting entries? Note: Amounts to be deducted should be indicated with a minus sign. Before adjusting entries After adjusting entries On December 31, a company is preparing its year-end financial statements. All account balances have been updated for transactions during the year, but no year-end adjusting entries have yet been made. The following information is available: - On September 1 , the company paid $60,000 to rent a storage facility for 12 months. - On November 1 , the company received $36,000 from a customer for services to be provided evenly over the next six months. - During the year, the company paid and recorded $30,000 in income tax expense. On December 31 , the company determines it owes additional income tax of $10,000 but that amount won't be paid until next April 15 . - On April 1, the company lent $100,000 to one of its suppliers. The principal and 8% interest are due in one year. (Note: The interest is simple interest and not compound.) Required: Complete this question by entering your answers in the tabs below. The company plans to use the income statement to obtain a loan from the bank. Using your answers in Required \#3, is the bank more or less likely to lend to the company if the bank bases its lending decision on net income after adjusting entries instead of net income before adjusting entries? Using net income after adjusting entries, the bank is to lend to the company. Review the Tableau visualization, and then answer the questions that follow. Adjustment for Rent Expired Before Adjustment $20,000 $40,000 Adjustment for Customer Services Provided Before Adjustment $12,000 $24,000 Adjustment for Income Taxes Owed Before Adjustment $10,000 $20,000 Adjustment for Interest Earned on Note Before Adjustment $6,000 $8,000 On December 31, a company is preparing its year-end financial statements. All account balances have been updated for transactions during the year, but no year-end adjusting entries have yet been made. The following information is available: - On September 1 , the company paid $60,000 to rent a storage facility for 12 months. - On November 1, the company received $36,000 from a customer for services to be provided evenly over the next six months. - During the year, the company paid and recorded $30,000 in income tax expense. On December 31 , the company determines it owes additional income tax of $10,000 but that amount won't be paid until next April 15. - On April 1, the company lent $100,000 to one of its suppliers. The principal and 8% interest are due in one year. (Note: The interest is simple interest and not compound.) Required: Complete this question by entering your answers in the tabs below. Initial amounts shown in the dashboard are before any adjusting entries. For each item, select the appropriate amount of the adjusting entry and determine whether there is an increase or decrease to total assets, total liabilities, and total stockholders' equity. On December 31, a company is preparing its year-end financial statements. All account balances have been updated for transactions during the year, but no year-end adjusting entries have yet been made. The following information is available: - On September 1 , the company paid $60,000 to rent a storage facility for 12 months. - On November 1, the company received $36,000 from a customer for services to be provided evenly over the next six months. - During the year, the company paid and recorded $30,000 in income tax expense. On December 31 , the company determines it owes additional income tax of $10,000 but that amount won't be paid until next April 15 . - On April 1, the company lent $100,000 to one of its suppliers. The principal and 8% interest are due in one year. (Note: The interest is simple interest and not compound.) Required: Complete this question by entering your answers in the tabs below. For each adjusting entry, determine whether there is an increase or decrease to total revenues, total expenses, and net income. On December 31, a company is preparing its year-end financial statements. All account balances have been updated for transactions during the year, but no year-end adjusting entries have yet been made. The following information is available: - On September 1 , the company paid $60,000 to rent a storage facility for 12 months. - On November 1, the company received $36,000 from a customer for services to be provided evenly over the next six months. - During the year, the company paid and recorded $30,000 in income tax expense. On December 31 , the company determines it owes additional income tax of $10,000 but that amount won't be paid until next April 15 . - On April 1, the company lent $100,000 to one of its suppliers. The principal and 8% interest are due in one year. (Note: The interest is simple interest and not compound.) Required: Complete this question by entering your answers in the tabs below. What is the amount of net income (loss) before any adjusting entries and after all adjusting entries? Note: Amounts to be deducted should be indicated with a minus sign. Before adjusting entries After adjusting entries On December 31, a company is preparing its year-end financial statements. All account balances have been updated for transactions during the year, but no year-end adjusting entries have yet been made. The following information is available: - On September 1 , the company paid $60,000 to rent a storage facility for 12 months. - On November 1 , the company received $36,000 from a customer for services to be provided evenly over the next six months. - During the year, the company paid and recorded $30,000 in income tax expense. On December 31 , the company determines it owes additional income tax of $10,000 but that amount won't be paid until next April 15 . - On April 1, the company lent $100,000 to one of its suppliers. The principal and 8% interest are due in one year. (Note: The interest is simple interest and not compound.) Required: Complete this question by entering your answers in the tabs below. The company plans to use the income statement to obtain a loan from the bank. Using your answers in Required \#3, is the bank more or less likely to lend to the company if the bank bases its lending decision on net income after adjusting entries instead of net income before adjusting entries? Using net income after adjusting entries, the bank is to lend to the company