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Mastery Problem: The Adjusting Process. Unadjusted Financial Statements These financial statements were prepared from the...

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Mastery Problem: The Adjusting Process. Unadjusted Financial Statements These financial statements were prepared from the unadjusted trial balance. Cole Designs Inc. Income Statement For the Year Ended December 31, 20Y3 Fees earned $69,000 Wages expense (44,900) Net income $24,100 Cole Designs Inc. Balance Sheet December 31, 20Y3 Assets Cash Accounts receivable Supplies Prepaid insurance Office equipment Total assets Liabilities Unearned fees Stockholders' Equity Common stock Retained earnings Total liabilities and stockholders' equity $5,750 31,800 3,525 4,600 11,000 $56,675 $9,200 $12,000 35,475 47,475 556,675 Adjusted Financial Statements These financial statements were prepared from the adjusted trial balance. Cole Designs Inc. Income Statement For the Year Ended December 31, 2083 Fees earned $74,650 Expenses: Wages expense $47,350 Supplies expense 3,415 Insurance expense 3,200 Depreciation expense 1,600 Total expenses (55,565) Net income $19,085

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