Plz answer both Nicole's bookkeeper records three items:$1,000 of prepaid expense being used●$5,000 cash collected from earnings recorded in the prior period$3,000 accrual of revenueWhat is Net Income for the current period?O a. $8,000O b. $7,000OC. $4,000O d. $2,000O e. $3,000Failure to record the adjustment to recognize the used portion of prepaid expenses:Select one:O a. Understates LiabilitiesO b. Understates RevenueO c. Overstates ExpensesO d. Understates AssetsO e. Overstates Assets

Nicole's bookkeeper records three items: $1,000 of prepaid expense being used . $5,000 cash collected from earnings recorded in the prior period $3,000 accrual of revenue ● What is Net Income for the current period? O a. $8,000 O b. $7,000 Oc. $4,000 O d. $2,000 Oe. $3,000

Nicole's bookkeeper records three items: $1,000 of prepaid expense being used . $5,000 cash collected from earnings recorded in the prior period $3,000 accrual of revenue ● What is Net Income for the current period? O a. $8,000 O b. $7,000 Oc. $4,000 O d. $2,000 Oe. $3,000

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter16: Financial Statements And Closing Entries For A Corporation

Section: Chapter Questions

Problem 5AP

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Concept explainers

Production Budget

A budget can be defined as a financial plan designed by an undertaking for a definite period in the future that can contribute towards enhancing the financial success of the business undertaking. It is used to estimate the revenue and expenses. The budget generally takes into account both current and future income and expenses.

Question

100%

Plz answer both

Nicole's bookkeeper records three items:
$1,000 of prepaid expense being used
●
$5,000 cash collected from earnings recorded in the prior period
$3,000 accrual of revenue
What is Net Income for the current period?
O a. $8,000
O b. $7,000
OC. $4,000
O d. $2,000
O e. $3,000
Failure to record the adjustment to recognize the used portion of prepaid expenses:
Select one:
O a. Understates Liabilities
O b. Understates Revenue
O c. Overstates Expenses
O d. Understates Assets
O e. Overstates Assets

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