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.

Question

Quizplus · Accepted Answer

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 and a Statement