Net income was $3,900 and retained earnings at the end were $39,900. However, the bookkeeper made some adjustments at the end of the year and realized that revenues increased by $2,200 and expenses decrease by $900. What is net income after adjustment?
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- Before any year-end adjustments were made, the profit of Pedro Co. was P2,000,000. However, the following adjustments were necessary; office supplies used, P30,000; services performed for clients but not yet collected, P65,000; interest accrued on note payable, P15,000. After recording these adjustments, the profit would be?The following data (in millions) were taken from the financial statements of Costco Wholesale Corporation: a. For Costco, determine the amount of change in millions and the percent of change (round to one decimal place) from the prior year to the recent year for: 1. Revenue 2. Operating expenses 3. Operating income b. Comment on the results of your horizontal analysis in part (a). c. Based upon Exercise 2-23, compare and comment on the operating results of Target and Costco for the recent year.A professional service firm at the end of the current fiscal year had a Total Revenue of $8,500,000 and accounts receivable of $2,000,000. If its accounts receivable at the end of the previous year was $2,200,000, what is this business' Receivable Turnover (RT) and Days' Collections (DC)? Write out your math