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Question

rch-in Documen Styles bCcDdEt ormal Aa Text BoxThemes ?. ezto.mheducation.com Reve uiz On 31, Th. Carolina Panthers I A company had calculated net income to be $78,350 based on the unadjusted triel balance. The following adjüusting entrles were then made for Salarles and wages owed bút not yet paid of $870 riterest earned but not received from investments of $830 Prepaid insurence premiums amounting to $630 have explred Unea arned revenue in the amount of $830 has now been earned Required: Determine the emount of net income foss) that will be reported after the adjustments are recorded. O $75190 $80,640 O $78,510 O $78,10

Explanation / Answer

Answer

78510

net income = 78350

less ; salaries and wages = 870

add ; interest earned = 830

less ; insurance = 630

add ; revenue earned = 830

adjusted net income = 78510

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