200. CPA Associates, was organized on January 1, 2009, as a corporation. List the errors that you find in the following financial statements and prepare the corrected statements for the three months ended March 31, 2009.
CPA AssociatesIncome StatementFor the Three Months Ended March 31, 2009
Fees earned
$42,000
Operating expenses:
Salary expense
$9,735
Rent expense
5,200
Wages expense
3,950
Utilities expense
3,225
Miscellaneous expense
4,000
Answering service expense
2,550
Supplies expense
Total operating expenses
28,000
Net income
$14,000
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