Net Income Is Reported on the Income Statement at $25,000

question 133

Multiple Choice

Net income is reported on the income statement at $25,000. Adjusting entries for accrued revenues of $4,000 and unearned revenue earned during the current period of $1,500 were accidentally omitted. The correct net income is:

• A)$27,500.
• B)$22,500.
• C)$19,500.
• D)$30,500.

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Definitions:

Ceremonies

Formal events, often ritualistic in nature, conducted by organizations or social groups to commemorate or celebrate specific occasions.

Rituals

Established procedures or ceremonies that are followed regularly, often having symbolic significance in organizations or cultures.

Corporate Culture

The shared values, beliefs, and practices that characterize an organization and influence its employees' behavior.

Bond Together

This refers to the creation of a connection or a stronger relationship among individuals or groups, often aimed at achieving mutual goals or facing common challenges.