Before Making Month-End Adjustments, Net Income of Bobwhite Company Was

question 158

Multiple Choice

Before making month-end adjustments, net income of Bobwhite Company was $232,000 for March. Adjusting entries are necessary for the following items: -Depreciation for the month of March: $4,300.
-Interest income accrued to March 31, on deposits in banks: $900.
-Supplies used in March: $300.
-Fees earned in March that had been collected in advance: $3,600.
After recording these adjustments, net income for March is:

• A) $222,900.
• B) $227,700.
• C) $231,900.
• D) $235,600.

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Definitions:

Probability Distribution

A function providing a comprehensive list of values and corresponding probabilities for a random variable within a certain limit.

Expected Rate

The anticipated return on an investment, factoring in the probability of various outcomes.

Standard Deviation

A statistical measure that quantifies the variation or dispersion of a set of data points or investment returns.

Covariance

A measure of how two variables move together, indicating the direction of their relationship.