The Unadjusted Net Income on the Income Statement Was $46,850

question 95

Multiple Choice

The unadjusted net income on the income statement was $46,850. After journalizing and posting the adjusting entry for the $2,300 of supplies used during the year, the adjusted net income is:

• A)$46,850.
• B)$44,550.
• C)$49,150.
• D)$45,700.

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Definitions:

Marginal Costs

The price increase associated with the creation of an extra unit of a product or service.

Average Total Costs

The total costs of production (fixed and variable costs combined) divided by the quantity of output produced.

Competitive Retail

Retail markets characterized by the presence of multiple sellers, leading to competitive pricing and variety for consumers.

Economic Value

The worth of a good or service determined by the benefit it provides to the buyer relative to its cost.