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Triss [41]
3 years ago
10

Before month-end adjustments are made, the February 28 trialbalance of Bose's Enterprise contains revenue of $11,000 andexpenses

of $7,600. Adjustments are necessary for the followingitems:A. Depreciation for February is $1,200.B. Revenue earned but not yet billed is $2,800.C. Accrued interest expense is $800.D. Revenue collected in advance that is now earned is $2,500.E. Portion of prepaid insurance expired during February is$500.Calculate the correct net income for Bose's Enterprise forFebruary 3.
Business
1 answer:
AleksAgata [21]3 years ago
6 0

Answer:

$2,800      

Explanation:

<u>REVENUE</u>

Revenue                                                                       $11,000

Add:

B.    Revenue earned but not yet billed = $2,800

D. Unearned revenue noe earned         =<u> $2,500  </u>  <u>  $5,300   </u>

Total Adjusted Revenue                                             <u>  $16,300   </u>

<u>EXPENSES</u>

Expenses                                                                       $11,000

Add:

A.   Depreciation for February                  = $1,200.

C. Accrued interest expense                    =   $800    

E. Prepaid insurance                                  =<u>   $500     </u> <u> $2,500       </u>

Total Adjusted expenses                                               <u>  $13,500   </u>

Correct net income = Total Adjusted Revenue - Total Adjusted expenses  

                                 = $16,300 - $13,500

                                 = $2,800                              

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Answer: See explanation

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