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Compute the net income for the years

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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)

Reference no: EM13257669

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