Analysis of the Impact of Adjustments on Financial Statements At the end of the first...
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Analysis of the Impact of Adjustments on Financial Statements At the end of the first month of operations, the Stephan Companys accountant prepared financial statements that showed the following amounts: Assets $60,000 Liabilities 20,000 Stockholders' Equity 40,000 Net Income 9,000 In preparing the statements, the accountant overlooked the following items: a. Depreciation for the month. $925 b. Service revenue earned but unbilled at month-end. 1,500 c. Employee wages earned but unpaid at month-end. 410 Determine the correct amounts of assets, liabilities and stockholders' equity at month-end and net income for the month. Assets Liabilities Stockholders' Equity Net Income E Business Course Return to our My Stories Cure . Www Analysis of the impact of Adjustments on Financial Statements the the following amounts first month of the Stephen Company's prepared financial statement in preparing the countant overlooked the following Den the correct amounts of andere 20.00 Net Previous MacBook Air 20 BES 1 $ 4 % 5 7 8 1 2 3 1 O P W R Y E T Q ob
Analysis of the Impact of Adjustments on Financial Statements At the end of the first month of operations, the Stephan Companys accountant prepared financial statements that showed the following amounts:
Assets $60,000 Liabilities 20,000 Stockholders' Equity 40,000 Net Income 9,000
In preparing the statements, the accountant overlooked the following items:
a. Depreciation for the month. $925 b. Service revenue earned but unbilled at month-end. 1,500 c. Employee wages earned but unpaid at month-end. 410
Determine the correct amounts of assets, liabilities and stockholders' equity at month-end and net income for the month.
Assets Liabilities Stockholders' Equity Net Income
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