On December, 31, 2008, Tie One On reported net income for the year of $265,000 and the following account balances:
Cash $175,000
Accounts receivable 21,000
Prepaid rent 6,000
Eqipment and furnishings 230,000
Accumulated depreciation-Equipment and furnishings ($43,000)
Accounts payable 39,000
Wages payable 13,000
Owners’ equity (including net income of $265,000) 337,000
After this information was prepared the bookkeeper discovered that they failed to prepare two adjusting entries. Thees were not reflected in the balances shown. Here is the information on these two entries:
1. The prepaid rent account was paid on April 1, 2008, for one year for $6,000. The account has not been adjusted since.
2. A bill received in January 2009 for utilities incurred in December 2008 for $1,400 was mistakenly not entered into the system.
Please calculate the year-end balances for the following account : Asset You can enter your answer in the following format:
Assets=$X(Show your work in parentheses, number only, no titles necessary)
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