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Pratik Corp. reported a net income of $4,500, and retained earnings at the end of the year were $42,500. However, after year-end adjustments, the bookkeeper found that revenues increased by $1,800 and expenses decreased by $1,200. What is the net income after adjustment?

Pratik Corp. reported a net income of $4,500, and retained earnings at the end of the year were $42,500. However, after year-end adjustments, the bookkeeper found that revenues increased by $1,800 and expenses decreased by $1,200. What is the net income after adjustment?

Financial Accounting
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter2: Analyzing Transactions
Section: Chapter Questions
Problem 23E: The following data (in millions) are taken from the financial statements of Target Corporation: a....
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What is the net income after adjustment?

Pratik Corp. reported a net income of $4,500, and retained earnings at the end of the year were $42,500. However, after year-end adjustments, the bookkeeper found that revenues increased by $1,800 and expenses decreased by $1,200. What is the net income after adjustment?
Transcribed Image Text:Pratik Corp. reported a net income of $4,500, and retained earnings at the end of the year were $42,500. However, after year-end adjustments, the bookkeeper found that revenues increased by $1,800 and expenses decreased by $1,200. What is the net income after adjustment?
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