Business, 08.10.2020 02:01, davisz23

Scrooge, Inc. prepares adjusting entries only at the end of its fiscal year, August 31. Scrooge has the following unadjusted account balances at August 31. Accounts payable $300 Cash $6,100 Common stock $1,500 Prepaid rent $3,600 Service revenue $5,000 Rent expense $800 Retained earnings $300 Unearned revenue $4,000 Wages expense $600 The following facts are available for the fiscal period: The current pay period concludes on Sept. 8th, when the employee will be paid his wages of $180. The employee earns $100 before August 31st and the rest between Sept. 1st and Sept. 8th. On July 1st, Scrooge paid $3,600 to cover its rent for the next six months. On May 1st, Scrooge collected $4,000 in advance for services to be performed in the future. Scrooge completed 80% of this work before the end of the fiscal year. What net income should Scrooge report for the fiscal year

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Scrooge, Inc. prepares adjusting entries only at the end of its fiscal year, August 31. Scrooge has...