Consider the following transactions for Huskies Insurance Company: 1. Income taxes for the year total $58,000 but won't

[answerhappygod]

Consider The Following Transactions For Huskies Insurance Company 1 Income Taxes For The Year Total 58 000 But Won T 1 (23.48 KiB) Viewed 37 times

Consider the following transactions for Huskies Insurance Company: 1. Income taxes for the year total $58,000 but won't be paid until next April 15. 2. On June 30, the company lent its chief financial officer $66,000; principal and interest at 7% are due in one year. 3. On October 1, the company received $9,600 from a customer for a one-year property insurance policy. Deferred Revenue was credited on October 1. Required: Indicate by how much net income in the income statement is higher or lower if the adjusting entry is not recorded. (Do not round intermediate calculations.) Transaction 1. 2. 3. Total Net Income Higher Lower