Kirson Inc. had net income of $256,500 prior to the following transactions: The company recovered $12,200 in
Question:
Kirson Inc. had net income of $256,500 prior to the following transactions:
- The company recovered $12,200 in receivables from customers whose accounts had previously been written off.
- The company wrote off accounts of customers owing $16,700.
- The company recorded bad debts expense of $61,700 based on an aging of its receivables.
Required
What would Kirson’s net income (or loss) be after these transactions?
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Net Income 256500 Less Bad Debt Expense 61700 Adjusted ...View the full answer
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Related Book For 
Understanding Financial Accounting
ISBN: 9781119406921
2nd Canadian Edition
Authors: Christopher D. Burnley
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