Question

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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: $112,500 Income Statement, 2018 Rent Revenue Expenses: Salaries and Wages Expense Repairs and Maintenance Expense Rent Expense Utilities Expense Travel Expense Total Expenses Income $28, 200 12,700 8,700 3,700 2,700 56,000 $ 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 $280 were not recorded or paid. b. The $370 telephone bill for December 2018 has not been recorded or pald. c. Depreciation of equipment amounting to $22.700 for 2018 was not recorded. d. Interest of $470 was not recorded on the notes payable by Dyer, Inc. e. The Rental Revenue account includes $3,700 of revenue to be earned in January 2019. 1. Supplies costing $570 were used during 2018, but this has not yet been recorded. g. The income tax expense for 2018 is $6,700, but it won't actually be paid until 2019.

Answer 1

income statement for year 2018

Particular	amount
Rent revenue ($112500 - $3700)	$108800
Expense
Salaries and wages expenses ($28200+$280)	($28480)
Repair and maintenance	($12700)
Rent expenses	($8700)
Utilities expenses	($3700)
Travel expenses	($2700)
Telephone expenses	($370)
Depreciation	($22700)
Interest expense	($470)
Supplies expenses	($570)
Income before tax	$28410
(-) Income tax	($6700)
Net income	$21710

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