At the end of May the first month of operations

At the end of May, the first month of operations, the following selected data were taken from the
financial statements of Julie Mortenson, Attorney at Law, P.C.:Net income for May .......
$127,500Total assets at May 31 ........ 480,000Total liabilities at May 31 ....... 150,000Total
stockholders’ equity at May 31 . 330,000In preparing the financial statements, adjustments for
the following data were overlooked:a. Unbilled fees earned at May 31, $9,700b. Depreciation of
equipment for May, $8,000c. Accrued wages at May 31, $1,150d. Supplies used during May,
$975InstructionDetermine the correct amount of net income for May and the total assets,
liabilities, and stockholders’ equity at May 31. In addition to indicating the corrected amounts,
indicate the effect of each omitted adjustment by setting up and completing a columnar table
similar to the one shown below. Adjustment (a) is presented as anexample.
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At the end of May the first month of operations
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