Income Statement Find the errors.... part 1 of 2 Not GAAP Followers, Inc prepared the following income statement for the year 2020. Calculate the correct Net Income and type in the text box below. Not GAAP Followers, Inc Income Statement as of December 31, 2020 Revenue Unearned Revenue 20 Accounts Receivable 10 Consulting Revenue 100 Total Revenue 130 Expenses Accounts Payable Prepaid Rent Loan Payable 60 Wages Expense 30 20 %24

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Income Statement Find the errors.... part 1 of 2
Not GAAP Followers, Inc prepared the following income statement for the year 2020.
Calculate the correct Net Income and type in the text box below.
Not GAAP Followers, Inc
Income Statement
as of December 31, 2020
Revenue
Unearned Revenue
2$
20
Accounts Receivable
10
Consulting Revenue
100
Total Revenue
130
Expenses
Accounts Payable
20
Prepaid Rent
Loan Payable
60
Wages Expense
30
G Search or type URL
☆
*
%
&
Transcribed Image Text:Income Statement Find the errors.... part 1 of 2 Not GAAP Followers, Inc prepared the following income statement for the year 2020. Calculate the correct Net Income and type in the text box below. Not GAAP Followers, Inc Income Statement as of December 31, 2020 Revenue Unearned Revenue 2$ 20 Accounts Receivable 10 Consulting Revenue 100 Total Revenue 130 Expenses Accounts Payable 20 Prepaid Rent Loan Payable 60 Wages Expense 30 G Search or type URL ☆ * % &
Income Statement
as of December 31, 2020
Revenue
Unearned Revenue
$4
20
Accounts Receivable
10
Consulting Revenue
100
Total Revenue
130
Expenses
Accounts Payable
20
Prepaid Rent
Loan Payable
60
Wages Expense
30
Rent expense
5
Total Expenses
120
Net Income
$
10
Search or type URL
$
%
&
Transcribed Image Text:Income Statement as of December 31, 2020 Revenue Unearned Revenue $4 20 Accounts Receivable 10 Consulting Revenue 100 Total Revenue 130 Expenses Accounts Payable 20 Prepaid Rent Loan Payable 60 Wages Expense 30 Rent expense 5 Total Expenses 120 Net Income $ 10 Search or type URL $ % &
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