The net income reported on the ABC Co.'s income statement is $150,000. However, adjusting entries were not recorded at the end of the period for depreciation on fixed assets of $8,000, supplies used of $2,000, unearned gift card revenue EARNED during the period of $6,000, and for accrued salaries of $1,200. The correct amount of net income is Select one: a. $167,200 b. $155,200 c. $132,800 d. $147,200 e. $144,800
The net income reported on the ABC Co.'s income statement is $150,000. However, adjusting entries were not recorded at the end of the period for depreciation on fixed assets of $8,000, supplies used of $2,000, unearned gift card revenue EARNED during the period of $6,000, and for accrued salaries of $1,200. The correct amount of net income is Select one: a. $167,200 b. $155,200 c. $132,800 d. $147,200 e. $144,800
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
The net income reported on the ABC Co.'s income statement is $150,000. However,
Select one:
a. $167,200
b. $155,200
c. $132,800
d. $147,200
e. $144,800
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