On December 31, 20X, Martin Company prepared an income statement and a statement of financial position. In making the adjusting entries at year-end, Martin failed to record the adjusting entry for wages earned by employees, but not yet paid, amounting to $3,000 for the last four days of the year. The income statement reported profit of $21,000. The statement of financial position reported total assets, $82,000; total liabilities, $30,000; and shareholders' equity, $52,000.
Complete the following tabulation to show the correct amounts for the financial statements.

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The Answer of On December 31, 20X, Martin Company prepared an income statement and a statement of financial position. In making the adjusting entries at year-end, Martin failed to record the adjusting entry for wages earned by employees, but not yet paid, amounting to $3,000 for the last four days of the year. The income statement reported profit of $21,000. The statement of financial position reported total assets, $82,000; total liabilities, $30,000; and shareholders' equity, $52,000.
Complete the following tabulation to show the correct amounts for the financial statements.

On December 31, 20X, Martin Company Prepared an Income Statement