Answer:
The new income will be higher by $22,800.
Explanation:
The net income is the actual earnings of the business which is determined from the profit or loss statement by deducting all the expenses from the revenues earned.
The effect of the adjusting entries on the net income will be as follows:
1) Insurance expense will be of $8,000. It is charged for the period of three months only. This will decrease the net income.
2) Interest revenue will be of $1,200. It is charged for 6months. This will increase the net income.
3) The depreciation expense of $16,000. This will decrease the net income.
Therefore for the overall effect on the net income, if there will be no effect of the above adjustments then it will show net income by higher amount then the actual net income, by $22,800.
There are two general types of franchises: product-distribution and business format franchises.
An independent consumer education website that has no motive to try to sell you something such as Consumer Reports.
The right answer for the question that is being asked and shown above is that: "b. Personal financial management software" Among the choices that would not be used to create a personal balance sheet is that <span>b. Personal financial management software</span>
Answer:
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