On December 31, 2022, Bramble Company prepared an income statement and balance sheet and failed to take into account three adjusting entries. The incorrect income statement showed net income of $50,400. The balance sheet showed total assets, $124,800; total liabilities, $64,800; and stockholders' equity, $60,000. The data for the three adjusting entries were: (1) Depreciation of $9,720 was not recorded on equipment. (2) Salaries and wages amounting to $10,720 for the last two days in December were not paid and not recorded. The next payroll will be in January. (3) Rent of $6,400 was paid for two months in advance on December 1. The entire amount was debited to Prepaid Rent when paid. Complete the following tabulation to correct the financial statement. (If an amount reduces the account balance then enter using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45). Enter O for fields with no amounts.)

On December 31, 2022, Bramble Company prepared an income statement and balance sheet and failed to take into account three adjusting entries. The incorrect income statement showed net income of $50,400. The balance sheet showed total assets, $124,800; total liabilities, $64,800; and stockholders' equity, $60,000. The data for the three adjusting entries were: (1) Depreciation of $9,720 was not recorded on equipment. (2) Salaries and wages amounting to $10,720 for the last two days in December were not paid and not recorded. The next payroll will be in January. (3) Rent of $6,400 was paid for two months in advance on December 1. The entire amount was debited to Prepaid Rent when paid. Complete the following tabulation to correct the financial statement. (If an amount reduces the account balance then enter using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45). Enter O for fields with no amounts.)

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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