Effects of Errors on Financial Statements The accountant for Healthy Life Company, a medical services consulting firm, mistakenly omitted adjusting entries for (a) unearned revenue earned during the year ($18,340) and (b) accrued wages ($5,140). If the net income for the current year had been $354,500, what would have been the correct net income if the proper adjusting entries had been made?

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A:

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A: Answer a

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A: Following are the calculation of unadjusted balance in Allowance Account:

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Q: What is the adjusted net income for 2019?

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Q: The following errors were discovered during examination of CHARLIE Company's financial records: •…

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Q: effect of the errors to the Retained Earnings

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