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Jay, Inc, a party rental business, completed its first year of operations on December 31, Because this is the end of the annual accounting period,

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Jay, Inc, a party rental business, completed its first year of operations on December 31, Because this is the end of the annual accounting period, the company bookkeeper prepared the following tentative income statement: You are an independent CPA hired by the company to audit the company's accounting systems and review the financial statements. In you audit, you developed additional data as follows. a. Wages for the last three days of December amounting to $730 were not recorded or paid. b. Jay estimated telephone 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 $24,000 for the current year, was not recorded. d. Interest on a $15,000, one-year, B percent note payable dated October 1 of the current year was not recorded. The 8 percent interest is payable on the maturity data of the role. e. Maintenance expense excludes $1, 100 representing the cost of maintenance supplies used during the current year. f. The Unearned Rental Revenue account includes $4, 100 of revenue to be earned in January of next year. g. The income tax expense is $5, 800 Payment of income tax will be made next year. Compute the total asset turnover ratio on the corrected information. Assume the beginning of the year balance for Jay's assets was $58, 020 and its ending balance for total assets was $65, 180

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