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Hi, really need help with this question pls. The data for the three adjusting entries were: 1. Salaries and wages amounting to $11,000 for the
Hi, really need help with this question pls.
The data for the three adjusting entries were:
1. Salaries and wages amounting to $11,000 for the last 2 days in December were not paid and not recorded. The next payroll will be in January.
2. Rent payments of $8,800 was received for 2 months in advance on December 1. The entire amount was credited to Unearned Rent Revenue when paid.
3. Depreciation expense for 2017 is $9,900. Complete the following table to correct the financial statement amounts shown (indicate deductions with parentheses).
Exercise 4-16 On December 31, 2017, Sunland Company prepared an income statement and balance sheet, but failed to take into account three adjusting entries. The balance sheet showed total assets $165,000 total liabilities $77,000, and stockholders' equity $88,000. The incorrect income statement showed net income of $77,000 The data for the three adjusting entries were: 1. Salaries and wages amounting to $11,000 for the last 2 days in December were not paid and not recorded. The next payroll will be in January. 2. Rent payments of $8,800 was received for 2 months in advance on December 1. The entire amount was credited to Unearned Rent Revenue when paid 3. Depreciation expense for 2017 s 9,900 Complete the following table to correct the financial statement amounts shown (indicate deductions with parentheses) Item Incorrect balances Effects of: Net Income Total Assets Total Liabilities Stockholders Equity $88,000 $77,000 $165,000 $77,000 Salaries and Wages Rent Revenue Depreciation Correct balancesStep by Step Solution
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