Correcting income statement errors for accurate net loss

Steps:

• Identify reported net loss: $16,000.
• Adjust for prepaid insurance: No adjustment means insurance expense overstated by $480; reduce loss by$480 to $15,520.
• Adjust for bank charges: No entry means expense understated by $620; increase loss by$620 to $16,140.
• Note: Corrected loss is $16,140, but options do not match.

Not enough information: Options do not include the calculated $16,140 loss; question may have transcription error in reported loss or options.

Final answer: Not enough information.