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determine the assests, liabilities, and stockholders equity at month end. as well as income for the month. Analysis of the Impact of Adjustments on Financial
determine the assests, liabilities, and stockholders equity at month end. as well as income for the month.
Analysis of the Impact of Adjustments on Financial Statements At the end of the first month of operations, the Bradley Company's accountant prepared financial statements that showed the following amounts: Assets $67,000 Liabilities 23,000 Stockholders' Equity 44,000 Net Income 16,000 In preparing the statements, the accountant overlooked the following items: a. Depreciation for the month. $1,700 b. Service revenue earned but unbilled at month-end. 2,200 c. Employee wages earned but unpaid at month-end. 950 Determine the correct amounts of assets, liabilities and stockholders' equity at month-end and net income for the month. Assets Liabilities Stockholders' Equity Net Income Step by Step Solution
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