on december 31, 2023, vivid corporation prepared adjusting entries that included the following items: depreciation expense: $30,000. accrued sales revenue: $28,000. accrued expenses: $20,000. used insurance: $8,000; the insurance was initially recorded as prepaid. rent revenue earned: $6,000; the rent was initially prepaid by the tenant and credited to unearned rent revenue. if vivid corporation reported pretax income of $220,000 prior to the adjusting entries, how much is vivid's pretax income after the adjusting entries?

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Thatjohnsonbo4838idn Thatjohnsonbo4838idn

06-12-2022
Business

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on december 31, 2023, vivid corporation prepared adjusting entries that included the following items: depreciation expense: $30,000. accrued sales revenue: $28,000. accrued expenses: $20,000. used insurance: $8,000; the insurance was initially recorded as prepaid. rent revenue earned: $6,000; the rent was initially prepaid by the tenant and credited to unearned rent revenue. if vivid corporation reported pretax income of $220,000 prior to the adjusting entries, how much is vivid's pretax income after the adjusting entries?

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Smecloudbird18idn Smecloudbird18idn · Answer 1 · 2022-12-18T04:07:32-05:00

After the adjusting entries, Vivid Corporation's pretax income would be $266,000.

This is calculated by taking the original pretax income of $220,000 and adding the adjusting entry amounts of $30,000 (depreciation expense), $28,000 (accrued sales revenue), $20,000 (accrued expenses), ($8,000) (used insurance), and $6,000 (rent revenue earned). This brings the total to $266,000.

Pretax earnings are a company's income left over after all operating expenses, including interest and depreciation, have been deducted from total sales or revenues, but before income taxes have been subtracted.It is is a company's income after all operating expenses, including interest and depreciation, have been deducted from total sales or revenues.

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