The Net Income Reported on the Income Statement Is $58,000

question 128

Multiple Choice

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

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Definitions:

Burn Injury

Damage to the skin or deeper tissues caused by heat, chemicals, electricity, sunlight, or radiation.

Melanoma

A type of skin cancer that originates in the melanocytes, the cells which produce the pigment melanin that colors the skin, hair, and eyes.

Basal Cell Carcinoma

A type of skin cancer that begins in the basal cells—cells within the skin that produce new skin cells as old ones die off.

Squamous Cell Carcinoma

A type of skin cancer originating in the squamous cells, which are the thin, flat cells that make up the outer layer of the skin. It can also occur in other organs lined with squamous cells.