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vfiekz [6]
3 years ago
14

Bantam company calculated its net income to be $77,600 based on the unadjusted trial balance. The following adjusting entries we

re then made for: Salaries and wages owed but not yet paid of $795. Interest earned but not received from investments of $755. Prepaid insurance premiums amounting to $555 have expired. Deferred revenue in the amount of $755 has now been earned. Required: Determine the amount of net income (loss) that will be reported after the adjustments are recorded.
Business
1 answer:
Minchanka [31]3 years ago
5 0

Answer:

$77,760

Explanation:

After adjustment items of expenses will be deducted from the Net income, and items of income will be added to the net income.

Item of expenses = unpaid salary + Prepaid insurance (Expired)

Item of income = Interest earned + revenue

Net income after deduction = 77,600 - 795 - 555 + 755 + 755

Net income after deduction = $77,760

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