Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Required information (The following information applies to the questions displayed below.) Part 2 of 3 Dyer, Inc., completed its first year of operations on December

image text in transcribed

image text in transcribed

Required information (The following information applies to the questions displayed below.) Part 2 of 3 Dyer, Inc., completed its first year of operations on December 31, 2018. Because this is the end of the annual accounting period, the company bookkeeper prepared the following preliminary income statement: 0.8 points $ 109,500 - eBook Income Statement, 2018 Rent Revenue Expenses : Salaries and Wages Expense $27,600 Repairs and Maintenance Expense 12,100 Rent Expense 8,100 Utilities Expense 3,100 Travel Expense 2,100 Total Expenses Income ! 53,000 $ 56,500 You are an independent CPA hired by the company to audit the firm's accounting systems and financial statements. In your audit, you developed additional data as follows: References a. Wages for the last three days of December amounting to $220 were not recorded or paid. b. The $310 telephone bill for December 2018 has not been recorded or paid. c. Depreciation of equipment amounting to $22.100 for 2018 was not recorded. d. Interest of $410 was not recorded on the notes payable by Dyer, Inc. e. The Rental Revenue account includes $3,100 of revenue to be earned in January 2019 1. Supplies costing $510 were used during 2018, but this has not yet been recorded. g. The income tax expense for 2018 is $6,100, but it won't actually be paid until 2019. 2. Prepare, in proper form, an adjusted income statement for 2018. Part 2 of 3 2. Prepare, in proper form, an adjusted income statement for 2018. 0.8 points DYER, INC. Income Statement eBook Hint Print References

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Income Tax Fundamentals 2013

Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill

31st Edition

1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516

Students also viewed these Accounting questions

Question

What is your greatest strength?

Answered: 1 week ago