If a company incorrectly records cash received for services to be provided in the future with a debit to cash and a credit to sales revenue, how will this error affect net income for the current period?.

Question

06-09-2022
Business

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If a company incorrectly records cash received for services to be provided in the future with a debit to cash and a credit to sales revenue, how will this error affect net income for the current period?.

Sagot :

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In human DNA, adenine (A) makes up approximately 30.9% of the bases, and guanine (G) makes up approximately 19.9% of the bases; therefore the percentage thymine

tutorconsortium344 tutorconsortium344 · Answer 1 · 2022-09-08T13:22:44-04:00

The net income will be too high.

What is net income?

Net income is defined as an entity's earnings less expenses, amortization, depreciation and dividends, and taxes for a specific accounting period in both professional accounting.

Therefore,

If a company incorrectly records cash received for services to be provided in the future with a debit to cash and a credit to sales revenue, how will this error affect net income for the current period?.

The net income will be too high.

To learn more about net income from the given link:
https://brainly.com/question/15530787

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