Fnancial statements of Shelby Crawford
Can an accounting tutor help me find the journal answers please!
At the end of April, the Frst month of operations, the following selected data were taken from the Fnancial statements of Shelby Crawford, an attorney: Net income for April $100,650 Total assets at April 30 732,600 Total liabilities at April 30 316,650 Total stockholders’ equity at April 30 415,950 In preparing the Fnancial statements, adjustments for the following data were overlooked: a. Supplies used during April, $3,050. b. Unbilled fees earned at April 30, $24,300. c. Depreciation of equipment for April, $2,200. d. Accrued wages at April 30, $1,700. Required: 1. Journalize the entries on April 30 to record the omitted adjustments. Refer to the Chart of Accounts for exact wording of account titles. 2. Determine the correct amount of net income for April and the total assets, liabilities, and stockholders’ equity at April 30. In addition to indicating the corrected amounts, indicate the eFect of each omitted adjustment using the columnar table provided. Adjustment (a) is presented as an example. ( Note : Use a minus sign (-) to indicate a decrease. If there is no amount or an amount is zero, enter "0".) Corrected Amounts 1 Net Income Total Assets = Total Liabilities + Total Stockholders’ Equity 2 Reported amounts $100,650.00 $732,600.00 $316,650.00 $415,950.00 3 Corrections: 4 Adjustment (a) (3,050.00) (3,050.00) 0.00 (3,050.00) 5 Adjustment (b) 6 Adjustment (c)
Answers
Status NEW
Posted 10 Dec 2017 09:12 AM
My Price 10.00
----------- Â ----------- H-----------ell-----------o S-----------ir/-----------Mad-----------am ----------- Th-----------ank----------- yo-----------u f-----------or -----------usi-----------ng -----------our----------- we-----------bsi-----------te -----------and----------- ac-----------qui-----------sit-----------ion----------- of----------- my----------- po-----------ste-----------d s-----------olu-----------tio-----------ns.----------- Pl-----------eas-----------e p-----------ing----------- me----------- on----------- ch-----------at -----------I a-----------m o-----------nli-----------ne -----------or -----------inb-----------ox -----------me -----------a m-----------ess-----------age-----------
Not Rated(0)