Homework Answers
Solution:
| Net Income reported | 35000 |
| Add: Prepaid Insurance for Next two years ($3000*2/3) | 2000 |
| Add: Supplies on hand at December 31 | 750 |
| Less: Depreciation Expense for 2020 ($10000/10) | -1000 |
| Correct Net Income for 2020 | 36750 |
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