Kimmel, Financial Accounting, Be FINANCIAL ACCOUNTING (ACCT 221) Gradebook ORION Downloadable eTextbook ent CALCULATOR SGNGE MY INSTRUCTOR FULL SKHEEN PRINTER VERSION 4 BAC Exercise 4-16 On December 31, 2017, Sheridan Company prepared an income statement and balance sheet, but failed to take into account three adjusting entries. The balance sheet showed total assets $114,000, total iabilities $53,200, and stockholders' squity $60,800. The incorrect income statement showed net income of $53,200. The data for the three adjusting entries were: 1. Salaries and wages amounting to $7,600 for the last 2 days in December were not paid and not recorded. The next payroll will be in January 2. Rent payments of $6,080 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 6.,840. Complete the following table to correct the financial statement amounts shown (indicate deductions with parentheses). Net Income Total Assets Total Liabilities Stockholders Equity $50,800 Item 114,000 $53,200 Incorrect balances Effects of $53,200 Salaries and Wages Rent Revenue Depreciatiorn Correct balances oe 2/12/2013