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Rubino Company reported net income of USD 100,000 for the current year. Examination of the work...

Rubino Company reported net income of USD 100,000 for the current year. Examination of the work sheet and supporting data indicates that the following items were ignored: • Accrued salaries were USD 6,000 at December 31. • Depreciation on equipment acquired on July 1 amounted to USD 4,000. Based on this information, (a) what is the correct net income? Show Process (Formula)

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Answer #1

Correct net income = Reported net income - Accrued salaries - Depreciation expense

= 100000 - 6000 - 4000

= 90000

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