A company calculated its net income to be $78,150 based on the unadjusted trial balance. The following
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Question:
A company calculated its net income to be $78,150 based on the unadjusted trial balance. The following adjusting entries were then made for:
- Salaries and wages owed but not yet paid of $850.
- Interest earned but not received from investments of $810.
- Prepaid insurance premiums amounting to $610 have expired.
- Unearned revenue in the amount of $810 has now been earned.
Determine the amount of net income (loss) that will be reported after the adjustments are recorded. Ignore income taxes for this problem.
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