On December, 31, 2008, Tie One On reported net income for the year of S265.000 a

Question

On December, 31, 2008, Tie One On reported net income for the year of S265.000 and the following account balances: After this information was prepared, the bookkeeper discovered that they failed to prepare two adjusting entries. These were not reflected in the balances shown. Here is the information on these two entries: The prepaid rent account was paid on April 1, 2008, for one year for 56,000. The account has not been adjusted since. A bill received in January 2009 for utilities incurred in December 2008 for S1.400 was mistakenly not entered into the system. Please calculate the year-end corrected balances for the following three accounts: asset, liabilities, and equity. You can enter your answer in the following format for each category: Assets = $X (show your work in parentheses, numbers only, no titles necessary) Liabilities = $X (show your work in parentheses, numbers only, no titles necessary) Equity (retained earnings) = $X (show your work in parentheses, numbers only, no titles necessary)

Explanation / Answer

Assets= $385900 (175000+22400+1500+230000+(43000))

Liabilities= $385900 (39000+13000+(337000+1400-4500))

Equity = $72000 (337000-265000)

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