At the end of the first month of operations, the Lamar Company's accountant prepared financial statements that showed the following amounts: Assets Liabilities $90,000 30,000 Stockholders' Equity 60,000 Net Income 11,000 nents In preparing the statements, the accountant overlooked the following items: a. Depreciation for the month. b. Service revenue earned but unbilled at month-end. c. Employee wages earned but unpaid at month-end. 450 $4,500 $1,850 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

At the end of the first month of operations, the Lamar Company's accountant prepared financial statements that showed the following amounts: Assets Liabilities $90,000 30,000 Stockholders' Equity 60,000 Net Income 11,000 nents In preparing the statements, the accountant overlooked the following items: a. Depreciation for the month. b. Service revenue earned but unbilled at month-end. c. Employee wages earned but unpaid at month-end. 450 $4,500 $1,850 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

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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