On December 31,2019,Madison Company prepared an income statement and a balance sheet.In preparing the adjusting entries at year-end,Madison failed to record the adjusting entry for wages earned by employees,but not yet paid,amounting to $5,000 for the last four days of the year.The income statement reported net income of $52,000.The balance sheet reported total assets of $254,000,total liabilities of $170,000,and stockholders' equity of $84,000.
Complete the following tabulation to show the correct amounts for the financial statements (ignore income taxes).

Question

Quizplus · Accepted Answer

The Answer of On December 31,2019,Madison Company prepared an income statement and a balance sheet.In preparing the adjusting entries at year-end,Madison failed to record the adjusting entry for wages earned by employees,but not yet paid,amounting to $5,000 for the last four days of the year.The income statement reported net income of $52,000.The balance sheet reported total assets of $254,000,total liabilities of $170,000,and stockholders' equity of $84,000.
Complete the following tabulation to show the correct amounts for the financial statements (ignore income taxes).

On December 31,2019,Madison Company Prepared an Income Statement and a Balance