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The completed worksheet for Cantu Corporation as of December 31, 2019, after the company had completed the first month of operation, appears below.

CANTU CORPORATION Worksheet Month Ended December 31, 2019
		Trial Balance						Adjustments						Adjusted Trial Balance						Income Statement						Balance Sheet
Account Name		Debit			Credit			Debit			Credit			Debit			Credit			Debit			Credit			Debit			Credit
Cash		77,700												77,700												77,700
Accounts Receivable		12,500												12,500												12,500
Supplies		11,100									6,500			4,600												4,600
Prepaid Advertising		17,400									2,900			14,500												14,500
Equipment		72,500												72,500												72,500
Accumulated DepreciationEquipment											1,450						1,450												1,450
Accounts Payable					12,500												12,500												12,500
Selena Cantu, Capital					108,500												108,500												108,500
Selena Cantu, Drawing		7,700												7,700												7,700
Fees Income					97,500												97,500						97,500
Supplies Expense								6,500						6,500						6,500
Advertising Expense								2,900						2,900						2,900
Depreciation Expense-Equipment								1,450						1,450						1,450
Salaries Expense		17,300												17,300						17,300
Utilities Expense		2,300												2,300						2,300
Totals		218,500			218,500			10,850			10,850			219,950			219,950			30,450			97,500			189,500			122,450
Net Income																				67,050									67,050
																				97,500			97,500			189,500			189,500

Required:

1. Prepare an income statement.
2. Prepare a statement of owners equity. The owner made no additional investments during the month.
3. Prepare a balance sheet.

Analyze: If the adjustment to Prepaid Advertising had been $5,800 instead of $2,900, what net income would have resulted?

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