Question

Silvic Arboretum reported the following unadjusted balances as of 12/31/2018. These balances are before considering the below 3 situations (labeled A, B, and C): Revenue $360,000 Expense $285,000 A. Silvic has 12 employees. The employees work each Tuesday through Saturday, get paid holidays and never have overtime. Payroll is paid on the 2nd and 4th Saturday of each month (payroll dates are shown below in bold with *) and includes wages for the time worked on the pay date as well. Employees earned a total of $30,900 for the ten-day payroll period ending on January 8, 2019. Sunday. Monday Tuesday. Wednesday Thursday Friday Saturday. 12-Dec 13-Dec 14-Dec 15-Dec 16-Dec 17-Dec 18-Dec 19-Dec 20-Dec 21-Dec 22-Dec 23-Dec 24-Dec *25-Dec 26-Dec 27-Dec 28-Dec 29-Dec 30-Dec 31-Dec 1-Jan 2-Jan 3-Jan 4-Jan 5-Jan 6-Jan 7-Jan *8-Jan 9-Jan 10-Jan 11-Jan 12-Jan 13-Jan 14-Jan 15-Jan B. On October 1, 2018 Silvic Arboretum borrowed $60,000 to finance a remodel of the seedling greenhouse. The nine-month loan charges 9% interest and all interest and principal will be paid at maturity (June 30, 2019). No additional entries have been made since recording the loan proceeds on October 1. C. On December 1, 2018, Silvic Arboretum paid $6,900 for 60 individual 30 second radio advertisements. On December 1, the entire $6,900 payment was recorded to expense and no additional entries related to the 60 radio ads have been made since this date. As of 12/31/2018, 32 ads have played on the radio and the remaining 28 ads are scheduled to play in 2019. Consider the above information and select the answer choice below that shows Silvic's adjusted net income for the twelve months ended 12/31/2018 O A. $64,510 Jone of the answer choices provided are correct. o C.$38,610 OD. $64,060