Question
TimmCompany failed to recognize accruals and prepayments since the inception of business three years ago. The income beforetax, accrual and prepayments at the end of
TimmCompany failed to recognize accruals and prepayments since the inception of business three years ago. The income beforetax, accrual and prepayments at the end of the current year are:
Prepaid Insurance 20,000
Accrued Wages 25,000
Rent Revenuecollected in advance 30,000
Interest receivable 50,000
Income before tax 1,400,000
WHAT IS THE CORRECTED INCOME BEFORE TAX?
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Accounting for Governmental and Nonprofit Entities
Authors: Earl R. Wilson, Jacqueline L Reck, Susan C Kattelus
15th Edition
978-0256168723, 77388720, 256168725, 9780077388720, 978-007337960
