2. What is the adjusted net income/loss in 2021? For net loss please put minus sign before the amount of net loss. ( Example -100,000 )* For three years Chona's Merchandise failed to recognize accruals, prepayments and other transactionsin its accounts. Reported net income and a listing of the errors appear below:201820192020(100,000)Reported Net Income (Loss)1,200,000400,000a.Failed to record accrued expenses20,00025,00048,000b.Failed to record accrued salaries13,00018,000C.12,00015,00015,000Understated depreciation expenseOverstated ending inventoriesd.36,00028,000e.Failed to record purchase on account;40,000merchandise properly included in endinginventoryf.3,0004,000Failed to recognize unused supplies at the endof the accounting period8-60,000Failed to recognize gain on sale of land; Landcredited for amount of proceeds.h.5,0009,000Failed to recognize unearned revenue at endof accounting period.П

The net income for 2018, 2019 & 2020 has been provided. So the adjusted net income/loss of the…

Answered: What is the adjusted net income/loss in…

What is the adjusted net income/loss in 2021? For net loss please put minus sign before the amount of net loss. ( Example -100,000 )*

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

2. What is the adjusted net income/loss in 2021? For net loss please put minus sign before the amount of net loss. ( Example -100,000 )*

For three years Chona's Merchandise failed to recognize accruals, prepayments and other transactions
in its accounts. Reported net income and a listing of the errors appear below:
2018
2019
2020
(100,000)
Reported Net Income (Loss)
1,200,000
400,000
a.
Failed to record accrued expenses
20,000
25,000
48,000
b.
Failed to record accrued salaries
13,000
18,000
C.
12,000
15,000
15,000
Understated depreciation expense
Overstated ending inventories
d.
36,000
28,000
e.
Failed to record purchase on account;
40,000
merchandise properly included in ending
inventory
f.
3,000
4,000
Failed to recognize unused supplies at the end
of the accounting period
8-
60,000
Failed to recognize gain on sale of land; Land
credited for amount of proceeds.
h.
5,000
9,000
Failed to recognize unearned revenue at end
of accounting period.
П

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