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On December 31, 2022. Sunland Company prepared an income statement and balance sheet, but failed to take into account three custments. The balance sheet showed
On December 31, 2022. Sunland Company prepared an income statement and balance sheet, but failed to take into account three custments. The balance sheet showed total assets $126,000, total liabilities $59,800, and stockholders' acuity $67,200. The incorrect income statement showed net income of $58,200. The data for the three adjustments were: 1. 2. Salaries and wages amounting to $8,400 for the last 2 days in December were not said and not recorded. The next payroll will be in January Rent payments of 54.720 were received for two months in advance on December 1. The entire amount was recorded as Unsarnas Rent Revenue when received Depreciation expense for 2022 is 87,560. 3. Complete the following table to correct the financial statement amounts shown. (Enter negative amounts using either a negative sign preceding the number eg.-45 or parentheses eg. (450 Item Total Assets Net Income $56.900 Total Liabilities $59,800 Incorrect balances $126,000 Effects of: Salaries and Wages Rant Revenus Depreciation Correct balances S Total Assets Net Income $50,000 Total Liabilities $59.900 Stockholders' Equity $67,200 $126,000 w S
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