Before making month-end adjustments, net income of Cardinal Company was $116,000 for March. Adjusting entries are necessary for the following items: -Depreciation for the month of March: $2,300. -Rental income accrued during March, tenant to pay in April: $800. -Supplies used in March: $100. -Fees earned in March that had been collected in advance: $2,600. After recording these adjustments, net income for March is:     $113,620.     $117,000.     $110,800.     $112,400.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Before making month-end adjustments, net income of Cardinal Company was $116,000 for March. Adjusting entries are necessary for the following items:

-Depreciation for the month of March: $2,300.

-Rental income accrued during March, tenant to pay in April: $800.

-Supplies used in March: $100.

-Fees earned in March that had been collected in advance: $2,600.

After recording these adjustments, net income for March is:

   

$113,620.

   

$117,000.

   

$110,800.

   

$112,400.

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