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statment and balance sheet, dust- ing entries and the corrected amounts on the income Reportinga Correct Income Statement with Earnings per Share to Adjusting Entries and Evaluating Total Asset Turnover as an Auditor Jay, Inc., a party rental business, completed its first year of operations is the end of the annual accounting period, the company bookkeeper the Effects of E4- Lo4. prepared the following tentative income statement Income Statement Rental revenue Expenses: $109,000 Salaries and wages expense Maintenance expense Rent expense Utilities expense Gas and oil expense Miscellaneous expenses (items not listed elsewhere) Total expenses 26,500 12,000 8,800 4,300 3,000 1,000 55,600 S 53,400 You are an independent CPA hired by the review the financial statements. In your audit, you developed additional data as follows: company to audit the company's accounting systems and a. Wages for the last three days of December amounting to $730 were not recorded or paid. b. Jay estimated telephone usage at $440 for December, but nothing has been recorded or paid. c. Depreciation on rental autos, amounting to $24,000 for the current year, was not recorded. d. Interest on a $15,000, one-year, 8 percent note payable dated October 1 of the current year was not e. Maintenance expense excludes $1,100, representing the cost of maintenance supplies used during the f. The Unearned Rental Revenue account includes $4,100 of revenue to be earned in January of next 8. The income tax expense is $5,800. Payment of income tax will be made next yer Required: recorded. The 8 percent interest is payable on the maturity date of the note. current year year 1. For items (a) through (3), what adjusting entry should Jay record at December 31? If none is required, explain why (rounded to two decimal places), assuming that 7,000 shares of stock are outstanding all year. Show computations 2. Prepare a corrected income statement for the current year in good form, including carnings per share 3. Assume the beginning of the year balance for Jay's toral assets was $$8,020 and its ending balance If the average total asset turnover for total assets was $65,180. Compute the total asset turnover ratio (rounded to two decimal places) based on the corrected information. What does this ratio suggest? ratio for the industry is 2.31, what might you infer about Jay, Inc