Net Income Is Reported on the Income Statement at $40,000

question 55

Multiple Choice

Net income is reported on the income statement at $40,000. Adjusting entries for accrued revenues of $5,000 and unearned revenue earned during the current period of $2,000 were accidentally omitted. The correct net income is:

• A)$33,000.
• B)$37,000.
• C)$47,000.
• D)$43,000.

---

Definitions:

Mental Filters

Cognitive biases or assumptions that influence how individuals perceive and interpret information.

Internal-Operational Communication

Messages and information exchange within an organization, focusing on operational, procedural, and administrative matters.

Suppliers

Entities that provide goods or services to another organization or individual, typically within a commercial or business context.

Communication Skills

Communication Skills entail the ability to effectively convey, receive, and interpret messages in both verbal and non-verbal forms, ensuring clear and successful interactions.