On December 31, 2019, Waters Company prepared an incom
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On December 31, 2019, Waters Company prepared an income statement and balance sheet, but failed to take into account t
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On December 31, 2019, Waters Company prepared an income statement and balance sheet, but failed to take into account three adjusting entries. The balance sheet showed total assets $150,000, total liabilities $70,000, and stockholders' equity $80,000. The incorrect income statement showed net income of $70,000. The data for the three adjusting entries were: 1. Salaries and wages amounting to $10,000 for the last 2 days in December were not paid and not recorded. The next payroll will be in January. 2. Rent payments of $8,000 was received for two months in advance on December 1. The entire amount was credited to Unearned Rent Revenue when paid. 3. Depreciation expense for 2019 is $9,000. Instructions Complete the following table to correct the financial statement amounts shown (indicate deductions with parentheses).
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