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What is the net effect of the above errors in the net income

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Reference no: EM133182408

Question - BLACK WIDOW Corporation failed to recognize accruals and prepayments since the inception of its business three years ago. The accruals and prepayments at the end of 2021 are as follows:

Unused office supplies P25,000

Accrued utilities 52,000

Rent revenue collected in advance 87,500

Interest receivable 65,500

Accrued wages 49,100

Prepaid insurance 60,000

Required - What is the net effect of the above errors in the 2021 net income?

Reference no: EM133182408

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