Answered step by step
Verified Expert Solution
Question
1 Approved Answer
please help On December 31,2025, Monty Company prepared an income statement and balance sheet, but failed to take into account three adjusting entries. The balance
please help
On December 31,2025, Monty Company prepared an income statement and balance sheet, but failed to take into account three adjusting entries. The balance sheet showed total assets $141,000, total liabilities $65,800, and stockholders' equity $75,200. The incorrect income statement showed net income of $65,800. The data for the three adjusting entries were: 1. Salaries and wages amounting to $9,400 for the last 2 days in December were not paid and not recorded. The next payroll will be in January. 2. Rent payments of $7.520 was received for two months in advance on December 1 . The entire amount was credited to Unearned Rent Revenue when paid: 3. Depreciation expense for 2025 is $8,460 Complete the following table to correct the financial statement amounts shown (indicate deductions with parentheses). (Enter negative amounts using either a negative sign preceding the number es. -45 or parentheses es. (45).) Complete the following table to correct the financial statement amounts shown (indicate deductions with parentheses). (Enter negative amounts using either a negative sian preceding the number eg. -45 or parentheses eg. (45) Complete the following table to correct the financial statement amounts shown (indicate deductions with parentheses). (Enter negative amounts using either a negative sign preceding the number es. -45 or parentheses es. (45) J 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