Determine the correct amount of net income for August and the total assets, liabilities, and owner's equity
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Question:
Determine the correct amount of net income for August and the total assets, liabilities, and owner's equity at August 31. In addition to indicating the corrected amounts, indicate the effect of each omitted adjustment by completing the columnar table below. Use the minus sign to indicate decreases. If an effect is zero, enter "0". Adjustment (a) is presented as an example.
Tucker Jacobs For the Month ofAugust 31 | |||||||||||||||
Net Income | Total Assets | = | Total Liabilities | + | Total Owner's Equity | ||||||||||
Reported amounts | $170,600 | $909,000 | $300,000 | $609,000 | |||||||||||
Corrections: | |||||||||||||||
Unbilled fees earned | +6,670 | +6,670 | 0 | +6,670 | |||||||||||
Equipment depreciation | -3000 | 3000 | 0 | 3000 | |||||||||||
Accrued wages | -2130 | 0 | 2130 | -2130 | |||||||||||
Supplies used | -1870 | -1870 | 0 | -1870 | |||||||||||
Corrected amounts |
Related Book For
Corporate Financial Accounting
ISBN: 978-1133952411
12th edition
Authors: Carl S. Warren, James M. Reeve, Jonathan E. Duchac
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