Problem: Analysis of the Impact of Adjustments on Financial Statements At the end of the first month of operations, the Stephan Company's accountant prepared financial statements that showed the following amounts: Assets $60,000 Liabilities 20,000 Stockholders' Equity 40,000 Net Income 9,000 In preparing the statements, the accountant overlooked the following items: a. Depreciation for the month. $925 b. Service revenue earned but unbilled at month-end. 1,500 c. Employee wages earned but unpaid at month-end. 410 Determine the correct amounts of assets, liabilities and stockholders' equity at month-end and net income for the month. Assets Liabilities Stockholders' Equity Net Income Answer 1 0 Answer 2 0 Answer 3 0 Answer 4 0