en Assignment CALCULATOR || FULL SCREEN PR?NTER VERSIOn.BACK: OURCES NEXT Exerci

Question

en Assignment CALCULATOR || FULL SCREEN PR?NTER VERSIOn.BACK: OURCES NEXT Exercise 8-26 The net income per books of Skysong Company was determined without kmowledoe of the erors indicated below Net Income Error in Ending Year per Books 2012 2013 2014 2015 2016 2017 Inventory Overstated $3,230 Overstated 9,640 51,620 53,510Understated 10,760 55,340 No error 57,280 Understated 1,960 59,310 Overstated 8,370 by Study Prepare a worksheet to show the adjusted net income figure for each of the 6 years after taking into account the inventory errors. Errors in Inventories Net Income Overstatement Understatement Overstatement Understatement Corrected Net Year Per Books Jan. 1 Jan. 1 Dec. 31 Dec. 31 2012 2013 2014 2015 2016 2017 600$ 51,620 53,510 55,340 57,280 Al Rights Reserved. A Division of 1ohn Wiley S Sons Ins ementPrivacy Policy Type here to search

Explanation / Answer

Year Net Income Overstated Understated Overstated Understated Corrected as per books 1-Jan 1-Jan 31-Dec 31-Dec Net Income 2012 49600 3230 46370 2,013 51620 3230 9640 45210 2014 53510 9640 10760 73910 2015 55340 10760 44580 2016 57280 1960 59240 2017 59310 1960 8370 48980

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