Requirement 1. Prepare corrected income statements for the three years Empire St

Question

Requirement 1. Prepare corrected income statements for the three years Empire State Carpets Income Statement For the Years Ended December 31, 2017, 2016, and 2015 2016 2017 Ending Merchandise Inventory Overstated 2015 Ending Merchandise Inventory Understated by s9,000correct ncby $8,000 Net Sales Revenue Cost of Goods Sold | ] Beginning Merchandise Inventory Net Cost of Purchases Cost of Goods Available for Sale Less: Ending Merchandise Inventory Cost of Goods Sold Gross Profit Enter any number in the edit fields and then click Check Answer.

Explanation / Answer

1. Correcetd Income Statement

2.

3.

2017 2016 2015 Net Sales Revenue $215,000 $164,000 $169,000 Cost of Goods Sold Beginning Merchandise Inventory $23,000 $35,000 $46,000 Net Cost of Purchase $134,000 $95,000 $81,000 Cost of Goods available for Sale $157,000 $130,000 $127,000 Less : Ending Merchandise Inventory $26,000 $23,000 $35,000 Cost of Goods Sold $131,000 $107,000 $92,000 Gross Profit $84,000 $57,000 $77,000 Operating Expenses $69,000 $38,000 $37,000 Net Income $15,000 $19,000 $40,000

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