The following information for the year ended December 31, 2021, was reported by Nice Bite, Incorporated Accounts Payable Accounts Receivable Cash (balance on January 1, 2021) Cash (balance on December 31, 2021) Common Stock Dividends Equipment Income Tax Expense Interest Expense Inventory Notes Payable Office Expense Prepaid Rent Retained Earnings (beginning) Salaries and Wages Expense Service Revenue Utilities Expense Salaries and Wages Payable Other cash flow information: Cash from issuing common stock Cash paid to reacquire common stock Cash paid for income taxes Cash paid to purchase long-term assets Cash paid to suppliers and employees Cash received from customers Required: 1. Prepare an income statement for 2021. $ 47,000 24,800 94,900 82,000 154,000 0 138,700 10,300 29,700 17,400 25,700 14,500 7,200 7,300 35,900 141,800 25,300 10,000 $ 23,000 25,700 11,200 54,400 85,600 141,000

The following information for the year ended December 31, 2021, was reported by Nice Bite, Incorporated Accounts Payable Accounts Receivable Cash (balance on January 1, 2021) Cash (balance on December 31, 2021) Common Stock Dividends Equipment Income Tax Expense Interest Expense Inventory Notes Payable Office Expense Prepaid Rent Retained Earnings (beginning) Salaries and Wages Expense Service Revenue Utilities Expense Salaries and Wages Payable Other cash flow information: Cash from issuing common stock Cash paid to reacquire common stock Cash paid for income taxes Cash paid to purchase long-term assets Cash paid to suppliers and employees Cash received from customers Required: 1. Prepare an income statement for 2021. $ 47,000 24,800 94,900 82,000 154,000 0 138,700 10,300 29,700 17,400 25,700 14,500 7,200 7,300 35,900 141,800 25,300 10,000 $ 23,000 25,700 11,200 54,400 85,600 141,000

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Description: !Required information[The following information applies to the questions displayed below.]The following information for the year ended December 31, 2021, was reportedby Nice Bite, IncorporatedAccounts PayableAccounts ReceivableCash (balance on Janua

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter22: Accounting For Changes And Errors.

Section: Chapter Questions

Problem 16E: Dudley Company failed to recognize the following accruals. It also recorded the prepaid expenses and...

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Dudley Company failed to recognize the following accruals. It also recorded the prepaid expenses and unearned revenues as expenses and revenues, respectively', in the following year when paid or collected. The reported pretax income was 20,000 in 2018, 25,000 in 2019, and 23,000 in 2020. Required: 1. Compute the correct pretax income for 2018, 2019, and 2020. 2. Prepare the journal entries necessary in 2020 if the errors are discovered at the end of that year. Ignore income taxes. 3. Prepare the journal entries necessary in 2021 if the errors are discovered at the end of that year. Ignore income taxes.
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