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 |
9. During the course of During the course of your examination of the financial statements of...
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