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Determine the correct amount of net income for april

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At the end of April, the first month of operations, the following selected data were taken from the financial statements of Shelby Crawford, an attorney:

Net Income                            $120,000

Total Assets at April 30            $750,000

Total Liabilities at April 30        $300,000

Total Owner's Equity at April 30 $450,000

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

  1. Supplies used during April, $2,750.
  2. Unbilled fees earned at April 30, $23,700.
  3. Depreciation of equipment for April, $1,800.
  4. Accrued wages at April 30, $1,400.

Question 1: Determine the correct amount of net income for April and the total assets, liabilities, and owner's equity at April 30 and explain.

Reference no: EM132472106

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