Reference no: EM132625034
Question - On December 31, 2018, Lance Company prepared an income statement and balance sheet. Total: Revenues, Expenses, Net Income, Assets, Liabilities, and Stockholders' Equity had the following balances, respectively:
Revenues 120,000
Expenses 80,000
Net Income $40,000
Total Assets $100,000
Total Liabilities $30,000
Total Stockholders' Equity $70,000
During audit, the auditor detected the following error:
Error: Company paid $8,000 on a loan to bank and recorded all of it as interest expense. However, $6,000 of the $8,000 was for the payment of the principal of the loan.
Required - What would be the total amount of: Revenues, Expenses, Net Income, Assets, Liabilities, and Stockholders' Equity, after correcting the above error.
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