=+Determine the correct amount of net income for October and the total assets, liabilities, and stockholders’ equity at October 31. In addition to indicating the corrected amounts, indicate the effect of each omitted adjustment by setting up and completing a columnar table similar to the following. Adjustment

(a) is presented as an example.

Net Total Total Total Stockholders’

Income Assets Liabilities Equity Reported amounts $240,000 Corrections:

$750,000 $250,000 $500,000 Adjustment

(a) +12,800 Adjustment (bj

+ 12,800 0 + 12,800 Adjustment (c)

Adjustment (d)

Corrected amounts P3-6 Adjustment process and financial statements Objs 3, 4 SPREADSHEET

/ 2. Net income,

$121,300