Calculate following
Net income (unadjusted) | 98000 |
a Adjustment to insurance (22800/12*3) | -5700 |
b adjustment for deferred revenue | -3800 |
c Adjustment for supplies | 2650 |
d adjustment for interest (68000*12%*4/12) | -2720 |
Net income (adjusted) | 88430 |
During the course of your examination of the financial statements of Trojan Corporation for the year...
During the course of your examination of the financial statements of Trojan Corporation for the year ended December 31, 2018, you come across several items needing further consideration. Currently, net income is $93,000 a. An insurance policy covering 12 months was purchased on October 1, 2018. for $19.800. The entire amount was debited to Prepaid Insurance and no adjusting entry was made for this item in 2018 b. During 2018, the company received a $3,300 cash advance from a customer...
During the course of your examination of the financial statements of Trojan Corporation for the year ended December 31, 2018, you come across several items needing further consideration. Currently, net income is $88,000. a. An insurance policy covering 12 months was purchased on October 1, 2018, for $16,800. The entire amount was debited to Prepaid Insurance and no adjusting entry was made for this item in 2018 b. During 2018, the company received a $2,800 cash advance from a customer...
During the course of your examination of the financial statements of Trojan Corporation for the year ended December 31, 2018, you come across several items needing further consideration. Currently, net income is $88,000. a. An insurance policy covering 12 months was purchased on October 1, 2018, for $16,800. The entire amount was debited to Prepaid Insurance and no adjusting entry was made for this item in 2018. b. During 2018, the company received a $2,800 cash advance from a customer...
During the course of your examination of the financial statements of Trojan Corporation for the year ended December 31, 2018, you come across several items needing further consideration. Currently, net income is $82,000. a. An insurance policy covering 12 months was purchased on October 1, 2018, for $13,200. The entire amount was debited to Prepaid Insurance and no adjusting entry was made for this item in 2018. b. During 2018, the company received a $2,200 cash advance from a...
value 5.00 points During the course of your examination of the financial statements of Trojan Corporation for the year ended December 31, 2018, you come across several items needing further consideration. Currently, net income is $80,000 a. An insurance policy covering 12 months was purchased on October 1, 2018, for $12,000. The entire amount was debited to Prepaid Insurance and no adjusting entry was made for this item in 2018 b. During 2018, the company recelved a $2,000 cash advance...
During the course of your examination of the financial statements of Trojan Corporation for the year ended December 31, 2021, you come across several items needing further consideration. Currently, net income is $90,000. 1. An insurance policy covering 12 months was purchased on October 1, 2021, for $18,000. The entire amount was debited to Prepaid Insurance and no adjusting entry was made for this item in 2021. 2. During 2021, the company received a $3,000 cash advance from a customer...
During the course of your examination of the financial statements of Trojan Corporation for the year ended December 31, 2021, you come across several items needing further consideration. Currently, net income is $92,000. 1. An insurance policy covering 12 months was purchased on October 1, 2021, for $19,200. The entire amount was debited to Prepaid Insurance and no adjusting entry was made for this item in 2021. 2. During 2021, the company received a $3,200 cash advance from a customer...
19 During the course of your examination of the financial statements of Trojan Corporation for the year ended December 31, 2021, you come across several items needing further consideration. Currently, net income is $85,000. 8 00:42:20 1. An insurance policy covering 12 months was purchased on October 1, 2021, for $15,000. The entire amount was debited to Prepaid Insurance and no adjusting entry was made for this item in 2021. 2. During 2021, the company received a $2,500 cash advance...
During the course of your examination of the financial statements of Trojan Corporation for the year ended December 31, 2021, you come across several items needing further consideration. Currently, net income is $96,000. 1. An insurance policy covering 12 months was purchased on October 1, 2021, for $21,600. The entire amount was debited to Prepaid Insurance and no adjusting entry was made for this item in 2021. 2. During 2021, the company received a $3,600 cash advance from a customer...
ount of E3-5 During the course of your examination of the financial statements of Trojan Corporation for the year ended December 31, 2021, you come across several items needing further consideration. Currently, net income is $100,000. 1. An insurance policy covering 12 months was purchased on October 1, 2021, for $24,000. The entire amount was debited to Prepaid Insurance and no adjusting entry was made for this item in 2021. 2. During 2021, the company received a $4,000 cash advance...