On December 31, 2017, Oriole Company prepared an income statement and balance sheet, but failed...
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Accounting
On December 31, 2017, Oriole Company prepared an income statement and balance sheet, but failed to take into account three adjustments. The balance sheet showed total assets $123,000, total liabilities $57,400, and stockholders' equity $65,600. The incorrect income statement showed ret income of $57,400. The data for the three adjustments were: Salaries and wages amounting to $8,200 for the last 2 days in December were not paid and not recorded. The next payroll will be in January Rent payments of $6,560 was received for two months in advance on December 1. The entire amount was recorded as Unearned Rent Revenue when received. 3. Depreciation expense for 2017 is $7.380. Complete the following table to correct the financial statement amounts shown indicate deductions with parentheses) Item Net Income Total Assets Total Liabilities Stockholders' Equity Incorrect balances $57,400 $123,000 $57,400 $65,600 Effects of: Salaries and Wages Rent Revenue Depreciation Correct balances
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