Adjustment data for Magnum Therapeutics Inc. for the year ended May 31, 2011, are as follows:a. Wages
Question:
Adjustment data for Magnum Therapeutics Inc. for the year ended May 31, 2011, are as follows:a. Wages accrued but not paid at May 31, $1,800b. Depreciation of equipment during the year, $12,500c. Laundry supplies on hand at May 31, $1,900d. Insurance premiums expired, $5,500Instructions1. Using the following integrated financial statement framework, record each adjustment to the appropriate accounts, identifying each adjustment by its letter. After all adjustments are recorded, determine the balances.2. Prepare an income statement and retained earnings statement for the year ended May 31, 2011. The retained earnings balance as of June 1, 2010, was $51,500.3. Prepare a classified balance sheet as of May 31, 2011.4. Prepare a statement of cash flows for the year ended May 31,2011.
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