Using the adjustment data listed in P3-6 for Ms. Ellen's Laundry, indicate the effects of each adjustment
Question:
Using the adjustment data listed in P3-6 for Ms. Ellen's Laundry, indicate the effects of each adjustment on the liquidity metric Quick Assets and profitability metric Net Income - Accrual Basis.
Adjustment data P3-6
Adjustment data for Ms. Ellen's Laundry Inc. for the year ended December 31, 20Y8, are as follows:
a. Wages accrued but not paid at December 31, $2,150
b. Depreciation of equipment during the year, $12,500
c. Laundry supplies on hand at December 31, $1,500
d. Insurance premiums expired, $4,600
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