Question: Wk. 4 - Apply: Exercise i Saved Assume that a firm reports net income of $88,000 prior to making adjusting entries for the following items:

Wk. 4 - Apply: Exercise i Saved Assume that a firm

Wk. 4 - Apply: Exercise i Saved Assume that a firm reports net income of $88,000 prior to making adjusting entries for the following items: expired rent, $6,800; depreciation expense, $8,000; and supplies used, $3,400. Assume that the required adjusting entries have not been made. What effect do these errors have on the reported net income? Net income will be 12 points

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