Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Golf Academy, Incorporated, provides private golf lessons. Its unadjusted trial balance at December 31, 2021, follows, along with information about selected accounts Account Nam Cash

image text in transcribed
image text in transcribed
image text in transcribed
Golf Academy, Incorporated, provides private golf lessons. Its unadjusted trial balance at December 31, 2021, follows, along with information about selected accounts Account Nam Cash Supplies Deferred Revenue Salaries and Wages Payablo Income Tax Payable Interest Payable Notos Payable (long-term) Dobit Crodit Further Information 5 32,700 As roported on December 31 bank statement, 760 Based on count, only $200 of supplies Bt exist. O this amount, 93, 800 was received for $ 4,380 December los sons and 9580 for January 10:sona Employees were paid $1,800 for 10 days of 0 work through December 28. They have not yet been paid for work on December 29 and 30. 0 The company has paid last year's income tax but not this year's tax. The company has not paid the $110 of 0 Interont owed on ita notos payable for the curront period 13,200 This one-year noto was taken out this year on December 1. This amount was contributed for common 1,000 stock in prior year 3,800 This is the balance reported at the end of last year Most customers pay cash for long cach 51,180 time they are provided, but some customers pay in advance 36,900 Employees worked through December 30 but did not work on December 31. This is the cost of supplies used through 3,200 November 30 The company has not paid the 3110 of 0 Intorst owed on its noten payable for the current period. The company has an average tax rate of 0 305 $ 13, 560 73,560 Common Stock Retained Earnings Service Rovoru Salaries and Wages Expono Supplier Expono Interestixpenso Income Tax Expenne Totale 4-a. Calculate the adjusted net income that the company should report for the year ended December 31, 2021 4-b. By what dollar amount did the adjustments in requirement 3 cause net income to increase or decrease? Complete this question by entering your answers in the tabs below. Reg 4a Reg 46 Calculate the adjusted net income that the company should report for the year ended December 31, 2021. GOLF ACADEMY, INCORPORATED Income Statement For the Year Ended December 31, 2021 0 4-a. Calculate the adjusted net income that the company should report for the year ended December 31, 2021 4-6. By what dollar amount did the adjustments in requirement 3 cause net income to increase or decrease? Complete this question by entering your answers in the tabs below. Req 40 Reg 46 By what dollar amount did the adjustments in requirement 3 cause net income to increase or decrease? Not incomo DY

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

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

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

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

A One-Year Accounting Course Part 2

Authors: Trevor Gambling

1st Edition

0080130267, 9780080130262

More Books

Students also viewed these Accounting questions

Question

differentiate between challenge and hindrance demands;

Answered: 1 week ago