Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

1 On December 31 2018. Alan and Company prepared an income statement and balance sheet but failed to take into account four adjusting journal entries.

image text in transcribed
1 On December 31 2018. Alan and Company prepared an income statement and balance sheet but failed to take into account four adjusting journal entries. The income statement, prepared on this incorrect basis, reported income before income tax of $31000. The balance sheet before the effect of income taxes reflected total assets. $92000 total liabilities, 541000, and stockholders equity $51,000. The data for the four adjusting journal entries follow 30 Daim| 2003 a. Effect of Amortization of $8 200 for the year on software was not recorded. Salaries and Wages amounting to $17.200 for the last three days of December 2018 were not paid and not recorded the rest payroll will be on January 10, 2019 c. Rent revenue of $5:100 was collected on December 1, 2018, for office space for the three month period December 1, 2018. to February 28, 2019. The 35.300 was created in to Deferred Revenue when collected d. Income taxes were not recorded and not paid. The income tax rate for the company is 20% Required: Complete the following table to show the effects of the four adjusting journal entries. (Negative amounts should be indicated by minus sign) TA 5 31.000 90,000 $ 41.000 51000 Amounted Enect of motion co Adjustablecer Enco Correctamente

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Income Tax Fundamentals 2013

Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill

31st Edition

1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516

Students also viewed these Accounting questions

Question

Explain the steps involved in training programmes.

Answered: 1 week ago

Question

What are the need and importance of training ?

Answered: 1 week ago