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I don't understand what any of the corrections mean, I can't understand what I did wrong. I need work / scratch work for all calculations
I don't understand what any of the corrections mean, I can't understand what I did wrong. I need work / scratch work for all calculations if possible!!
The first image is the question, the second is my answer as well as the corrections I was given.
QUESTION 4. Remember to put each final answer for a QUESTION on a separate piece of paper! And show your labelled work on the same sheet with the answer. Do not make me have to search for it because I will assume it does not exist... Kuchler Corp. maintains its records on a cash basis. At the end of each year, the company's accountants must covert the information in order to prepare accrual basis financial statements. The following receipts and disbursements occurred during the year ended December 31, 2023. Ca Ca: Additional information!!! 1. On March 31,2022 , Kuchler lent a customer $50,000. Interest at 8% is payable annually on each March 31. Principal is due March 31,2027. 2. The annual insurance payment is paid in advance on April 30. The policy period begins May 1. 3. On October 31,2023 , Kuchler borrowed $100,000 from a local bank and signed a promissory note stating principal and interest are due on October 31,2026. 4. Annual rent on the facilities is paid in advance on June 30 . The rental period begins July 1. A. Prepare an accrual-basis income statement in good form for 2023. Ignore taxes B. Determine the four balance sheet amounts that are missing above at December 31, 2023. SHOW YOUR LABELLED WORK TO EARN FULL CREDIT FOR YOUR FINAL ANSWER! (the highlighted / red text are the corrections l've been given, I can't make sense of any of them) Kuchler Corporation Income Statement Year Ended December 31, 2023 Revenues Sales Revenue Interest Revenue 705,0001,000$675,000$8,000 Total Revenues $685,000 Expenses Cost of Goods Sold Salaries Expense Insurance Expense Rent Expense Total Expenses Net Income Missing Interest Expense 4,000 Missing Depreciation Expense B) 1) Salaries Payable $11,000 wrong 2) Interest Payable $3,000 3) Accuunts Payable $90,000 wrong 4) Notes Reeeivable $62,000 wrong Missing End Balance, Interest Receivable, Prepaid Insurance, Interest Payable, Prepaid RentStep by Step Solution
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