Post-Class Chpt 4 . Accoydwiweus eyplus.comy'edugenviti/main.uni The Universty of Akron C Secure https//edugen wi Kimmel, Financial Accounting, Se, Custom for University of Akron Announcements ATOR PRINTER VERSION BACK Exercise 4-16 On December 31, 2017, Sheridan Company prepared an income statement and entries. The balance sheet showed total assets $153,000, total liabilities $71,400, and stockholders' equity $81,600. The incorrect income balance sheet, but failed to take into account three adjusting statement showed net income of $71,400 Leve S-bmission) The data for the three adjusting entries were Selaries and wages amounting to $10,20o for the last 2 days in December were not paid and not recorded. The next payroll will be in anuary 1. Review Scere Review Results by Study Rent payments of $8,160 was received for 2 months in advance on December 1. The entire amount was credited to Unearned Rent Revenue when paid 2. 3. Depreciation expense for 2017 is $9,180 Complete the follawing table to correct the financial statement amounts shown (indicate deductions with parentheses) Item Incorrect balances Effects of Net Income Total Assets $153,000 Total Liabilities Stockholders' Equity $71,400 571,400 81,600 Salaries and Wages Rent Revenue Correct balances Question Attempts: 0 of 2 used SAVE FOR LATER O Type here to search