At the end of May, the first month of operations, the following selected data were taken from the financial statements of Julie Mortenson, Attorney at Law, P.C.:
Net income for May ....... $127,500
Total assets at May 31 ........ 480,000
Total liabilities at May 31 ....... 150,000
Total stockholders€™ equity at May 31 . 330,000

In preparing the financial statements, adjustments for the following data were overlooked:
a. Unbilled fees earned at May 31, $9,700
b. Depreciation of equipment for May, $8,000
c. Accrued wages at May 31, $1,150
d. Supplies used during May, $975

Instruction
Determine the correct amount of net income for May and the total assets, liabilities, and stockholders€™ equity at May 31. In addition to indicating the corrected amounts, indicate the effect of each omitted adjustment by setting up and completing a columnar table similar to the one shown below. Adjustment (a) is presented as anexample.

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Net Income Total Assets Liabilities Total Stockholders Equity Total Reported amounts 127,500 $480,000 Corrections $150,000 $330,000 Adjustment (a)+9,700 Adjustment (b) Adjustment (c) - Adjustment (d) - +9,700 +9,700 Corrected amounts