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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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