Analysis of the Impact of Adjustments on Financial Statements At the end of the first...
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Accounting
Analysis of the Impact of Adjustments on Financial Statements At the end of the first month of operations, the Bradley Company's accountant prepared financial statements that showed the following amounts:
Assets
$61,000
Liabilities
21,000
Stockholders' Equity
40,000
Net Income
10,000
In preparing the statements, the accountant overlooked the following items:
a. Depreciation for the month.
$1,100
b. Service revenue earned but unbilled at month-end.
1,600
c. Employee wages earned but unpaid at month-end.
350
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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