The completed worksheet for Montoya Corporation as of December 31, 20X1, after the company had completed the

Question:

The completed worksheet for Montoya Corporation as of December 31, 20X1, after the company had completed the first month of operations, appears below.


INSTRUCTIONS

1. Prepare an income statement.

2. Prepare a statement of owner’s 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 $3,400 instead of $1,700, what net income would have resulted?1 Cash Accounts Receivable 3 Supplies 4 Prepaid Advertising 5 Equipment 6 Accumulated Depreciation-Equipment

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Related Book For  answer-question

College Accounting A Contemporary Approach

ISBN: 9781265647308

6th Edition

Authors: M. David Haddock, John Price, Michael Farina

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