(Solved): The completed worksheet for Chavarria Corporation as of December 31, 20X1, after the company had co ...

The completed worksheet for Chavarria Corporation as of December 31, 20X1, after the company had completed the first month of operation, appears below. Required: 1. Prepare an income statement. 2. Prepare a statement of owner's equity. The owner made no additional investments during the month 3. Prepare a balance sheot Analyze: If the adjustment to Prepaid Advertising had been \( \$ 4,000 \) instead of \( \$ 2,000 \), what net income would have resulted? inalyze: the adjustment to Prepaid Advertising had been \( \$ 4,000 \) instead of \( \$ 2,000 \), what net income would have resulted? Complete this question by entering your answers in the tabs below. Prepare an income statement. Analyze: f the odjustment to Prepaid Advertising had been \( \$ 4,000 \) instead of \( \$ 2,000 \), what net income would have resulted? Complete this question by entering your answers in the tabs below. Prepare a statement of owner's equity. The owner made no additional investments during the month. Prepare a balance sheet. Analyze: If the adjustment to Prepaid Advertising had been \( \$ 4,000 \) instead of \( \$ 2,000 \), what net income would have resulted? Complete this question by entering your answers in the tabs below. If the adjustment to Prepaid Advertising had been \( \$ 4,000 \) instead of \( \$ 2,000 \), what net income would have resulted?