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\begin{tabular}{|c|c|c|} \hline \multicolumn{3}{|c|}{JAY,INCORPORATELIncomeStatement} \\ \hline & & \\ \hline \multicolumn{3}{|l|}{ Operating revenue: } \\ \hline Rent revenue & & $102,000 \\ \hline \multicolumn{3}{|l|}{ Operating expenses: } \\ \hline & & \\ \hline \\ \hline Salaries and wages expense & & 26,540 \\ \hline Maintenance expense & & 13,000 \\ \hline Rent expense & & 8,100 \\ \hline Utilities expense & & 3,200 \\ \hline Gas and oil expense & 2 & 3,200 \\ \hline Miscellaneous expenses & 2 & 2,440 \\ \hline Total operating expenses & & 56,480 \\ \hline Income from Operations & & \\ \hline \multicolumn{3}{|l|}{ Other Items: } \\ \hline \multirow[t]{2}{*}{ Income tax receivable } & x & 47,520 \\ \hline & & (47,520) \\ \hline Income tax expense & & 4,600 \\ \hline Earnings per share & & 6.05 \\ \hline \end{tabular} Jay, Incorporated, a party rental business, completed its third year of operations on December 31 . Because this is the end of the annual accounting period, the company bookkeeper prepared the following tentative income statement: You are an independent CPA hired by the company to audit the company's accounting systems and review the financial statements. In your audit, you developed additional data-as follows: a. Salaries and wages for the last three days of December amounting to $740 were not recorded or paid. b. Jay estimated telephone usage at $440 for December, but nothing has been recorded or paid. c. Depreciation on rental autos, amounting to $22,600 for the current year, was not recorded d. Interest on a $17,000, one-year, 8 percent note payable dated October 1 of the current year was not recorded. The 8 percent interest is payable on the maturity date of the note. e. Maintenance expense excludes $2,700, representing the cost of maintenance supplies used during the current year. f. The Unearned Rent Revenue account includes $4,800 of revenue to be earned in January of next year. g. The income tax expense is $4,600. Payment of income tax will be made next yeat. 1. What adjusting entry for each item (a) through (g) sho 2. Prepare a corrected income statement for the current outstanding all year. 3. Compute the total asset turnover ratio based on the total assets was $59,020 and its ending balance for to Answer i Complete this question by entering your answers in th Compute the total asset turnover ratio based on the corrected Jay's total assets was $59,020 and its ending balance for total Note: Round your answer to 2 decimal places. \begin{tabular}{|c|c|c|} \hline \multicolumn{3}{|c|}{JAY,INCORPORATELIncomeStatement} \\ \hline & & \\ \hline \multicolumn{3}{|l|}{ Operating revenue: } \\ \hline Rent revenue & & $102,000 \\ \hline \multicolumn{3}{|l|}{ Operating expenses: } \\ \hline & & \\ \hline \\ \hline Salaries and wages expense & & 26,540 \\ \hline Maintenance expense & & 13,000 \\ \hline Rent expense & & 8,100 \\ \hline Utilities expense & & 3,200 \\ \hline Gas and oil expense & 2 & 3,200 \\ \hline Miscellaneous expenses & 2 & 2,440 \\ \hline Total operating expenses & & 56,480 \\ \hline Income from Operations & & \\ \hline \multicolumn{3}{|l|}{ Other Items: } \\ \hline \multirow[t]{2}{*}{ Income tax receivable } & x & 47,520 \\ \hline & & (47,520) \\ \hline Income tax expense & & 4,600 \\ \hline Earnings per share & & 6.05 \\ \hline \end{tabular} Jay, Incorporated, a party rental business, completed its third year of operations on December 31 . Because this is the end of the annual accounting period, the company bookkeeper prepared the following tentative income statement: You are an independent CPA hired by the company to audit the company's accounting systems and review the financial statements. In your audit, you developed additional data-as follows: a. Salaries and wages for the last three days of December amounting to $740 were not recorded or paid. b. Jay estimated telephone usage at $440 for December, but nothing has been recorded or paid. c. Depreciation on rental autos, amounting to $22,600 for the current year, was not recorded d. Interest on a $17,000, one-year, 8 percent note payable dated October 1 of the current year was not recorded. The 8 percent interest is payable on the maturity date of the note. e. Maintenance expense excludes $2,700, representing the cost of maintenance supplies used during the current year. f. The Unearned Rent Revenue account includes $4,800 of revenue to be earned in January of next year. g. The income tax expense is $4,600. Payment of income tax will be made next yeat. 1. What adjusting entry for each item (a) through (g) sho 2. Prepare a corrected income statement for the current outstanding all year. 3. Compute the total asset turnover ratio based on the total assets was $59,020 and its ending balance for to Answer i Complete this question by entering your answers in th Compute the total asset turnover ratio based on the corrected Jay's total assets was $59,020 and its ending balance for total Note: Round your answer to 2 decimal places

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