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Vanyuwa [196]
3 years ago
7

In September 20X3, LaToya Corporation paid for insurance for the next six months in the amount of $42,000. On December 31, LaToy

a’s accountant forgot to make the adjusting entry that was needed. Which of the following is true?Assets are understated by $42,000.Net income is understated by $14,000.Expenses are overstated by $42,000.Net income is overstated by $28,000.
Business
1 answer:
Umnica [9.8K]3 years ago
5 0

Answer:

Net income is overstated by $28,000.

Explanation:

As the company forget to make the adjustment entry it didn't recognize any expense for the expired insurance.

From September to December 31th 4 month of insurance has expired:

42,000 x 4 month/6 months = 28,000 insurance expense

as the expense weren't post the income statement is overstated along with the assets of the company as it doesn't have a prepaid amount for 42,000 but for 14,000

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