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Author Question: The net income reported on the income statement is 58,000 . However, adjusting entries have not been ... (Read 154 times)

jenna1

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on: Jul 5, 2018
The net income reported on the income statement is 58,000 . However, adjusting entries have not been made at the end of the period for supplies expense of 2,200 and accrued salaries of 1,300 . Net income, as corrected, is
 a. 56,700
  b. 58,000
  c. 55,800
  d. 54,500

Question 2

At what point are revenues recognized in the General Fund?
 
  a. when the revenues are earned
  b. when cash is received
  c. when the revenues are measurable and available
  d. when billings are mailed to service recipients


owenfalvey

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Reply #1 on: Jul 5, 2018
Answer to Question 1

d

Answer to Question 2

c


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