Reference no: EM13257669
Since its organization on January 1, 2001, Langle Inc failed to properly recognize accruals and prepayments. Selected accountsreveled the following information:
Accruals and Prepayments NotRecognized 2001 2002 2003
Accruedexpenses $2,900 $3,000 $3,400
Prepaidexpenses 2,000 2,800 1,500
Accruedrevenue 2,750 2,500 2,700
Unearnedrevenue 4,250 4,500 4,100
Net income reported by thecompany was
Year NetIncome (Loss)
2001 $40,000
2002 (15,000)
2003 35,000
Need to compute the net income for the years 2001,2002, and 2003 (ignore income taxes)
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