what is the net income Document! Word Layout References Mailings Review ViewTell

Question

what is the net income

Document! Word Layout References Mailings Review ViewTell me whst you wank to do Before month-end adjustments are made, the September 30 trial balance of Horton Enterprise contains revenue of $9,200 and expeses of 56,500 Adjustments are necessary for the following tern: Depreciation for september is $300 . Revenue earned but not yet billed is $2,100. Accrued interest expense is $800. Revenue collected in advance that is now earned is $3,400. Portion of prepaid insurance expired during September is $300 - Revenue Calculate the correct net income for Horton's for September Net income

Explanation / Answer

Net Income Before Adjustments = 9200 - 6500 i.e 2700

Less: Depreciation for september 300

Add : Revenue earned but not yet billed = 2100

Less: Accrued Interest Expense = 800

Add ; Revenue in advance now earned = 3400

Less : Prepaid insurance now booked = 300

Correct Net Income = 6800

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