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On December 31, 2017, Wildhorse Co. prepared an income statement and balance sheet, but failed to take into account three adjusting entries. The balance sheet
On December 31, 2017, Wildhorse Co. prepared an income statement and balance sheet, but failed to take into account three adjusting entries. The balance sheet showed total assets $120,000, total liabilities $56,000, and stockholders' equity $64,000. The incorrect income statement showed net income of $56,000. The data for the three adjusting entries were: Complete the following table to correct the financial statement amounts shown (indicate deductions with parentheses)
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