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adjustment data for magnum therapeutics inc. for the year ended may 31, 2011, are as follows: a. wages accrued but not paid at may 31, $1,800 b. depreciation of equipment during the year, $12,500 c. laundry supplies on hand at may 31, $1,900 d. insurance premiums expired, $5,500 introductions. 1. using the following integrated financial statment framework, record each adjustment to the appropriate accounts, indentifying each adjustment by its letter. after all adjustments are recorded, determine the balances. satement of cash flows balances,may 31, 2011 ------------------------------------assets----------------------------------------------------- cash````+laundry supplies``+prepaid insurance``+laundry equip.``-acc.deprec 48,000`````+9,000```````````+6,000-````````````+250,000`````````-60,000 = -------liabilities-------------------`` + stockholdersequity`------------------------ accts payable`+`wages payable`+`````capital stock`+`retained earnings````` ```7,000````````````0 ````````````````50,000`````````196,000````````` *statement of cash flows revenues 315,000 capital stock 25,000 expenses -220,000 equipment -80,000 dividends -5,000 ---------------------- net increase in cash 35,000 begining cash balcnce, june 1,2010. 13,000 ending cash balnce, may31,2011. $48,000 * income statment laundry revenue 315,000 wages expense -110,000 rent expense -30,000 utilities expense -18,000 misc.expense -7,500 2. prepare an income statement and retained earning statment for the year ended may 31, 2011. the retained earning balance as of june 1, 2010, was $51,500 (*net income, $122,600) 3. prepare a classfied balance sheet as of may 31, 2011 4. prepare a statement of cash flows for the year ended may 31, 2011

 


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