The balance sheet of Ipod Corporation on December 31, 2024: Cash Ipod Corporation BALANCE SHEET AS OF DECEMBER 31, 2024 Accounts and notes receivable Inventory Select one: O a $15,500 O b. $19,700 OC $2,300 O d. $10,300 Oe. $15,800 O Show Transcribed Text Accounts and notes payable Common stock Retained earnings Liabilities and Capital Assets 3 Accounts and notes receivable Inventory Accounts and notes payable Common stock Retained earnings Liabilities and Capital $ 40,000 30,000 These errors were made by Ipod on December 31, 2023 and were not corrected: ending inventory understated $2,400, unearned revenue of $2,100 omitted. On December 31, 2024, accrued revenue of $4,000 was omitted, and accrued expense of $1,400 was omitted. The net income shown by the books for 2024 was $13,200. The correct 2024 Net Income is: 90.000 $160.000 $ 20,000 100,000 40.000 $160.000 30,000 90.000 $160.000 $ 20,000 100,000 40.000 $160.000 These errors were made by Ipod on December 31, 2023 and were not corrected: ending inventory understated $2,400, unearned revenue of $2,100 omitted. On December 31, 2024, accrued revenue of $4,000 was omitted, and accrued expense of $1,400 was omitted. The net income shown by the books for 2024 was $13,200. The correct 2024 Net Income is:
The balance sheet of Ipod Corporation on December 31, 2024: Cash Ipod Corporation BALANCE SHEET AS OF DECEMBER 31, 2024 Accounts and notes receivable Inventory Select one: O a $15,500 O b. $19,700 OC $2,300 O d. $10,300 Oe. $15,800 O Show Transcribed Text Accounts and notes payable Common stock Retained earnings Liabilities and Capital Assets 3 Accounts and notes receivable Inventory Accounts and notes payable Common stock Retained earnings Liabilities and Capital $ 40,000 30,000 These errors were made by Ipod on December 31, 2023 and were not corrected: ending inventory understated $2,400, unearned revenue of $2,100 omitted. On December 31, 2024, accrued revenue of $4,000 was omitted, and accrued expense of $1,400 was omitted. The net income shown by the books for 2024 was $13,200. The correct 2024 Net Income is: 90.000 $160.000 $ 20,000 100,000 40.000 $160.000 30,000 90.000 $160.000 $ 20,000 100,000 40.000 $160.000 These errors were made by Ipod on December 31, 2023 and were not corrected: ending inventory understated $2,400, unearned revenue of $2,100 omitted. On December 31, 2024, accrued revenue of $4,000 was omitted, and accrued expense of $1,400 was omitted. The net income shown by the books for 2024 was $13,200. The correct 2024 Net Income is:
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter10: Stockholder's Equity
Section: Chapter Questions
Problem 93.5C
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Transcribed Image Text:The balance sheet of Ipod Corporation on December 31, 2024:
Cash
Ipod Corporation
BALANCE SHEET AS OF DECEMBER 31, 2024
Accounts and notes receivable
Inventory
Select one:
O a
$15,500
O b. $19,700
OC $2.300
O d. $10,300
Oe. $15,800
Show Transcribed Text
Accounts and notes payable
Common stock
4
Retained earnings
Liabilities and Capital
3
Assets
Accounts and notes receivable
Inventory
Accounts and notes payable
Common stock
Retained earnings
C
Liabilities and Capital
$ 40,000
30,000
These errors were made by Ipod on December 31, 2023 and were not corrected: ending inventory understated $2,400, unearned revenue of
$2.100 omitted. On December 31, 2024, accrued revenue of $4,000 was omitted, and accrued expense of $1,400 was omitted
The net income shown by the books for 2024 was $13,200.
The correct 2024 Net Income is:
90.000
$160.000
$ 20,000
100,000
40.000
$160.000
30,000
90.000
$160.000
$ 20,000
100,000
40.000
$160.000
These errors were made by Ipod on December 31, 2023 and were not corrected: ending inventory understated $2,400, unearned revenue of
$2,100 omitted. On December 31, 2024, accrued revenue of $4,000 was omitted, and accrued expense of $1,400 was omitted.
The net income shown by the books for 2024 was $13,200.
The correct 2024 Net Income is:
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