The completed worksheet for Vasquez Corporation as of December 31, 2016, after the company had completed the
Question:
INSTRUCTIONS
1. Prepare an income statement.
2. Prepare a statement of owners equity. The owner made no additional investments during the month.
3. Prepare a balance sheet (use the report form).
Analyze:
If the adjustment to Prepaid Advertising had been $6,800 instead of $3,400, what net income would have resulted?
Judge Creative Designs
Worksheet (Partial)
Month Ended January 31, 2016
Analyze: If the adjusting entries had not been made for the month, would net income be overstated orunderstated?
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Related Book For
College Accounting A Contemporary Approach
ISBN: 978-0077639730
3rd edition
Authors: David Haddock, John Price, Michael Farina
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