Prior to Making Any Adjusting Entries, Terra Corporation Had Net

question 30

Multiple Choice

Prior to making any adjusting entries, Terra Corporation had net income of $155,100. The following adjusting entries were made: salaries payable, $1,574; interest earned on short-term investments but not yet recorded or collected, $7,268; adjustment to prepaid insurance for $5,538 for an insurance policy that expired during the period; and fees of $586 collected in advance that have now been earned. After recording these adjustments, net income would be

• A) $170,084
• B) 158,008
• C) 155,842
• D) 155,836

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Definitions:

Coerce

To persuade (an unwilling person) to do something by using force or threats.

Traumatic Consequences

The severe and long-lasting effects that result from experiencing or witnessing traumatic events.

Female Rape

A serious crime involving the non-consensual sexual penetration of a female by an individual(s).

Abusive Spouse

A partner who engages in behaviors that physically, sexually, emotionally, or psychologically harm their partner.