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Business, 03.09.2021 22:40 h2o12

A company has a fiscal year-end of December 31: (1) on October 1, $32,000 was paid for a one-year fire insurance policy; (2) on June 30 the company advanced its chief financial officer $30,000; principal and interest at 8% on the note are due in one year; and (3) equipment costing $80,000 was purchased at the beginning of the year for cash. Depreciation on the equipment is $16,000 per year. If the adjusting entries were not recorded, would net income be higher or lower and by how much

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A company has a fiscal year-end of December 31: (1) on October 1, $32,000 was paid for a one-year fi...
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