E leyPLUS Kimmel, Survey of Accounting, le Help System Announcements CALCULATOR PRINTER VERSION BACK NEXT Exercise 4-15 On December 31, 2017, Crane Company prepared an income statement and balance sheet, but failed to take into account three adjustments. The balance sheet showed total assets $156,000, total liabilities $72,800, and stockholders' equity $83,200. The incorrect income statement showed net income of $72,800. MENT CES O TOPIC 03 IMENT cise 3-1 cise 3-3 em 3-6 (Part Level nission) cise 4-15 nd Your Critical King 4-8 The data for the three adjustments were: 1. 2. Salaries and wages amounting to $10,400 for the last 2 days in December were not paid and not recorded. The next payroll will be in January. Rent payments of $8,320 was received for two months in advance on December 1. The entire amount was recorded as Unearned Rent Revenue when received. Depreciation expense for 2017 is $9,360. 3. Complete the following table to correct the financial statement amounts shown (indicate deductions with parentheses). Score Results by Objective Net Income Item Incorrect balances Effects of: Total Assets $156,000 Total Liabilities $72,800 Stockholders' Equity $83,200 $72,800 Salaries and Wages Rent Revenue Depreciation Correct balances LINK TO TEXT LINK TO TEXT VIDEO: SIMILAR EXERCISE