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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- Consider a comparative Income Statement for a particular company, where the company's results are being presented for two consecutive years. You are reviewing these results, and you notice the following about the comparative results: The comparative revenues (all revenues) increased. The comparative expenses (all expenses) increased. The comparative Net Income decreased. What do these observations tell you about the relative change in revenues vs. expenses over the two-year period?In the current year, Aveeno reported net income of $54,880, which was a 12% increase over prior year net income. Compute prior year net income. Prior year net incomeCharlton paid £8,874 for rent during the current year. At the beginning of the year, £745 had been brought forward as prepaid for rent, and at the end of the year, £1,450 had been prepaid. How much would be shown as the expense for rent in the income statement for the current period? O A. The rent expense is £8,169 O B. The rent expense is £6,679 O C. The rent expense is £11,069 O D. Cannot be determined from the data given
- Exercise 13-5 Determining income effects from common-size and trend percents LO P1, P2 Common-size and trend percents for Rustynail Company's sales, cost of goods sold, and expenses follow. Common-Size Percents 1 Yr Ago 100.0% Trend Percents 1 Yr Ago 103.0% 2 Yrs Ago 100.0% 100.0 100.0 Current Yr 100.0% 2 Yrs Ago 100.0% Current Yr 104.2% Sales Cost of goods sold Total expenses 116.5 105.7 56.6 111.2 63.3 61.1 14.1 100.8 14.3 13.8 Determine the net income for the following years. Did the net income increase, decrease, or remain unchanged in this three-year period? Complete this question by entering your answers in the tabs below. Change in Net Income Net Income Determine the net income for the following years. (Enter all amounts as positive values.) Current Yr 1 Yr Ago 2 Yrs Ago Sales 24 100,000 $ 100,000 $ 100,000 63,300 61,100 56,600 Cost of Goods Sold ... Prev 1 of 8 Next > ...........A business like NetSolutions estimates customer refunds and allowances for each year’s sales that might be owed to customers the following year. The year-end balance is recorded on the ___________ as a ______________. Group of answer choices Statement of Owner's Equity; decrease in owner's equity Income Statement; current liability (Customer Refunds Payable) Balance Sheet; current liability (Customer Refunds Payable) Statement of Cash Flows; Operating ActivitySam paid £8,874 for rent during the current year. At the beginning of the year, £745 had been brought forward as prepaid for rent, and at the end of the year, £1,450 had been prepaid. How much would be shown as the expense for rent in the income statement for the current period? A. The rent expense is £11,069 B. The rent expense is £8,169 C. The rent expense is £6,679 D. Cannot be determined from the data given
- . Great Products, Inc. reported the following on the company’s income statement in two recent years:Current Year Prior YearInterest Expense $270,000 $250,000Income before income tax expense 4,212,000 3,450,000a. Determine the times interest earned ratio for the current year and the prior year. Round to one decimal place. b. Is the times interest earned ratio improving or declining?Sprout Company reported the following on the company's income statement in two recent years: Current Year Prior Year Interest expense $510,000 $480,000 Income before income tax expense 5,610,000 6,720,000 a. Determine the times interest earned ratio for the current year and the prior year. Current year Prior Year b. Is the times interest earned ratio improving or declining?Calculate the adjusted net income?? General accounting
- Nixon Corp. had rental revenue of $41,950. Expenses for the year ended December 31, 20Y5, are as follows: Utilities Expense, $6,000; Salaries Expense, $16,300; Miscellaneous Expense, $3,000; and Rent Expense, $14,450. What is the net income (loss) that should be reported on Nixon Corp.'s income statement for the year ended December 31, 20Y5?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?Fan inc. had following data for last year.need help with this question