![Required information [The following information applies to the questions displayed below.] Dyer, Inc., completed its first ye](http://img.homeworklib.com/questions/6c7d52c0-195a-11eb-96ed-79d40ccbc47b.png?x-oss-process=image/resize,w_560)
Answers
Answes
3a. The correct option is Yes (As the same can be seen in second part of the question)
3b.
Net Income Before Adjustments = $56,500
Net Income After Adjustments (WN#1) = $21,030
Change in Net Income = -$35,480
WN#1, Net Income After Adjustments
| DYERS INC | ||
| Income Statement | ||
| Particulars | Amount | Amount |
| Rent revenue (113500-3900) | 109600 | |
| Expense | ||
| Salaries and wages expense (28400+300) | 28700 | |
| Repairs and maintenance expense | 12900 | |
| Rent expense | 8900 | |
| Utilities expense | 3900 | |
| Travel expense | 2900 | |
| Telephone expense | 390 | |
| Depreciation expense | 22900 | |
| Interest expense | 490 | |
| Supplies expense | 590 | |
| Total expense | 81670 | |
| Income before tax | 27930 | |
| Income tax | 6900 | |
| Net income (After Adjustments) | 21030 |
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