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College Accounting 2nd Edition by David Haddock, John Price,Michael Farina
Edition 2ISBN: 978-0073396958College Accounting 2nd Edition by David Haddock, John Price,Michael Farina
Edition 2ISBN: 978-0073396958 Exercise 5
Correcting net income.
Assume that a firm reports net income of $80,000 prior to making adjusting entries for the following items: expired rent, $6,000; depreciation expense, $7,200; and supplies used, $2,600.
Assume that the required adjusting entries have not been made. What effect do these errors have on the reported net income?
Assume that a firm reports net income of $80,000 prior to making adjusting entries for the following items: expired rent, $6,000; depreciation expense, $7,200; and supplies used, $2,600.
Assume that the required adjusting entries have not been made. What effect do these errors have on the reported net income?
Explanation
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The Net Income as reported at $80,000 do...
College Accounting 2nd Edition by David Haddock, John Price,Michael Farina
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