Math  /  Measurement

QuestionCompany bought a 3-year insurance policy for $25,200\$25,200 on 1/4/20201/4/2020. Reported net income for 2020 was $63,000\$63,000. If the accountant missed the insurance adjustment on 12/31/202012/31/2020, the correct 2020 net income should be $56,700\$56,700.

Studdy Solution
Calculate the correct net income for the year 2020.
Correctnetincomefor2020=$63,000$7,000=$56,700Correct\, net\, income\, for\, 2020 = \$63,000 - \$7,000 = \$56,700
The correct net income for the year 2020 should be 56700.

View Full Solution - Free
Was this helpful?

Studdy solves anything!

banner

Start learning now

Download Studdy AI Tutor now. Learn with ease and get all help you need to be successful at school.

ParentsInfluencer programContactPolicyTerms
TwitterInstagramFacebookTikTokDiscord