An entity started operations at the beginning of current year. the entity failed to recognize...
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Accounting
An entity started operations at the beginning of current year. the entity failed to recognize accruals and prepayments at the end of reporting period. the income tax accrual and prepayments at the end of the current year are:
income before tax 4000000
prepaid insurance 200000
accrued wages 250000
rent revenue collected in advance 300000
interest receivable 500000
what is the corrected net income?
a. 4150000
b. 4000000
c. 4050000
d. 4700000
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