Answered step by step
Verified Expert Solution
Question
1 Approved Answer
On December 31, 2023, Oakcrest Company prepared an income statement and a balance sheet. In preparing the adjusting entries at year-end, Oakcrest failed to record
On December 31, 2023, Oakcrest Company prepared an income statement and a balance sheet. In preparing the adjusting entries at year-end, Oakcrest failed to record the adjusting entry for wages earned by employees, but not yet paid, amounting to $10,000 for the last two days of the year. The income statement reported net income of $104,000. The balance sheet reported total assets of $508,000, total liabilities of $340,000, and stockholders' equity of $168,000. What is the correct amount for Oakcrest to report for each of these elements? Multiple Choice Net income $99,000; Total assets $503,000; Total liabilities $350,000; Stockholders equity $153,000 Net income $104,000; Total assets $498,000; Total liabilities $340,000; Stockholders equity $158,000 Net income $114,000; Total assets $518,000; Total liabilities $340,000; Stockholders equity $178,000 Net income $94,000; Total assets $508,000; Total liabilities $350,000; Stockholders equity $158,000
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started