At the end of November, the first month of operations, the following selected data were taken from the financial statements of Jaime McCune, Attorney-at-Law, P.C.

Net income for November ..........$207,320

Total assets at November 30 ........ 440,960

Total liabilities at November 30 ........ 29,720

Total stockholders' equity at November 30 .. 411,240

In preparing the financial statements, adjustments for the following data were overlooked:

a. Supplies used during November, $1,025.

b. Unbilled fees earned at November 30, $7,650.

c. Depreciation of equipment for November, $3,100.

d. Accrued wages at November 30, $1,100.

Instructions

Determine the correct amount of net income for November and the total assets, liabilities, and stockholders' equity at November 30. 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 following. Adjustment (a) is presented as anexample.

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Total Stockholders Equity $411,240 es Total Assets Total Liabilities Net Income s207,320 -1,025 Reported amounts $440,960 29,720 Corrections: Adjustment (a) Adjustment (b) Adjustment (c) Adjustment (d) Corrected amounts -1,025 0 -1,025