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Please advise if this is correct based on the information provided. /The following information applies to the questions dispiayed below/ Dyer, inc, completed its first
Please advise if this is correct based on the information provided.
/The following information applies to the questions dispiayed below/ Dyer, inc, completed its first year of operations on December 31. 2015. Becouse this is the end of the annual accounting period, the company bookkeeper prepared the following preliminery Income statement Income Statement, 2015 Rent Revenue $113,500 Salarles and Wages Expense Repairs and Maintenance Expense Rent Expense Utilities Expense Travel Expense $28,400 12,900 8,900 3,900 2.900 Total Expenses Income $56,500 You are an Independent CPA hired by the company to audit the firm's occounting systems and financial statements. In your audit. you developed additional data as follows a. Wages for the last three days of December amounting to $300 were not recorded or paid b. The $390 telephone bill for December 2015 has not been recorded or pald c. Depreciation of equipment amounting to $22.900 for 2015, was not recorded d. Interest of $490 was not recorded on the note payable by Dyer. Inc. e The Rental Revenue account Includes $3,900 of revenue to be earned in January 2016. f. Supplies costing $590 were used dunng 2015, but this hos not yet been recorded g The income tax expense for 2015 IS $6.900, but it won't actually be paid until 2016Step by Step Solution
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