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Required information [The following information applies to the questions displayed below.] Dyer, Inc., completed its first...

Required information [The following information applies to the questions displayed below.] Dyer, Inc., completed its first ye2. Prepare, in proper form, an adjusted income statement for 2018. DYER, INC. Income Statement For the Year Ended December 31Required information [The following information applies to the questions displayed below.) Dyer, Inc., completed its first ye

Required information [The following information applies to the questions displayed below.] Dyer, Inc., completed its first year of operations on December 31, 2018. Because this is the end of the annual accounting period, the company bookkeeper prepared the following preliminary income statement: $113,500 Income Statement, 2018 Rent Revenue Expenses: Salaries and Wages Expense $28,400 Repairs and Maintenance Expense 12,900 Rent Expense 8,900 Utilities Expense 3,900 Travel Expense 2,900 Total Expenses Income 57,000 $ 56,500 You are an independent CPA hired by the company to audit the firm's accounting systems and financial statements. In your audit, you developed additional data as follows: a. Wages for the last three days of December amounting to $300 were not recorded or paid. b. The $390 telephone bill for December 2018 has not been recorded or paid. C. Depreciation of equipment amounting to $22,900 for 2018 was not recorded. d. Interest of $490 was not recorded on the notes payable by Dyer, Inc. e. The Rental Revenue account includes $3,900 of revenue to be earned in January 2019. f. Supplies costing $590 were used during 2018, but this has not yet been recorded. g. The income tax expense for 2018 is $6,900, but it won't actually be paid until 2019. -a. Did the adjustments have a significant overall effect on the company's net income? • Yes No -b. By what dollar amount did net income change as a result of the adjustments? Change in Net ncome $ (35,480) X
2. Prepare, in proper form, an adjusted income statement for 2018. DYER, INC. Income Statement For the Year Ended December 31, 2018 Revenues Rent Revenue $ 113,500 X Total Revenues 113,500 ✓$ Expenses Salaries and Wages Expense Repairs and Maintenance Expense Rent Expense Utilities Expense Travel Expense Depreciation Expense Supplies Expense Interest Expense Income Tax Expense 28,700 12,900 8,900 4,290 2,900 22,900 590 490 6,900 Total Expenses 88,570 Net Income $ 24,930 X *Red text indicates no response was expected in a cell or a formula-based calculation is incorrect; no points deducted.
Required information [The following information applies to the questions displayed below.) Dyer, Inc., completed its first year of operations on December 31, 2018. Because this is the end of the annual accounting period, the company bookkeeper prepared the following preliminary income statement $113,500 Income Statement, 2018 Rent Revenue Expenses : Salaries and Wages Expense $28,400 Repairs and Maintenance Expense 12,900 Rent Expense 8,900 Utilities Expense 3,900 Travel Expense 2,900 Total Expenses Income 57,000 $ 56,500 You are an independent CPA hired by the company to audit the firm's accounting systems and financial statements. In your audit, you developed additional data as follows: a. Wages for the last three days of December amounting to $300 were not recorded or paid. b. The $390 telephone bill for December 2018 has not been recorded or paid. c. Depreciation of equipment amounting to $22,900 for 2018 was not recorded. d. Interest of $490 was not recorded on the notes payable by Dyer, Inc. e. The Rental Revenue account includes $3,900 of revenue to be earned in January 2019. f. Supplies costing $590 were used during 2018, but this has not yet been recorded. g. The income tax expense for 2018 is $6,900, but it won't actually be paid until 2019. 2. Prepare, in proper form, an adjusted income statement for 2018.
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Solution: la Yes a 2) DYER, INC. Income statement For the year ended December 31, 2018 Revenues 109600 113500-3900 1b Adj eff

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