7 Suppose that Laramie Company's adjusted trial balance ignored the following information. Indicate what effects, if...

Transcribed Image Text:

7 Suppose that Laramie Company's adjusted trial balance ignored the following information. Indicate what effects, if any, these omissions would have on the stated components of Laramie Company's 2018 Income Statement and 12/31/18 Balance Sheet. Assume no income taxes. Additional Information 12/31/18 Assets 12/31/18 Liabilities 12/31/18 Owners' Equity 2018 Net Income 04:36:38 $13,000 of the paid and recorded rent expense pertains to the year 2019. 7 Suppose that Laramie Company's adjusted trial balance ignored the following information. Indicate what effects, if any, these omissions would have on the stated components of Laramie Company's 2018 Income Statement and 12/31/18 Balance Sheet. Assume no income taxes. Additional Information 12/31/18 Assets 12/31/18 Liabilities 12/31/18 Owners' Equity 2018 Net Income 04:36:38 $13,000 of the paid and recorded rent expense pertains to the year 2019.