Question

(Inventory Errors) The net income per books of Linda Patrick Company was determined without knowledge of...

(Inventory Errors)

The net income per books of Linda Patrick Company was determined without knowledge of the errors indicated.

Year

Net Income per Books

Error in Ending Inventory

2012

$50,000

Overstated

$ 3,000

2013

 52,000

Overstated

9,000

2014

 54,000

Understated

11,000

2015

 56,000

No error

2016

 58,000

Understated

2,000

2017

 60,000

Overstated

8,000

Instructions

Prepare a worksheet to show the adjusted net income figure for each of the 6 years after taking into account the inventory errors.

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
The net income per books of Laura Hall Company was determined without knowledge of the errors...
The net income per books of Laura Hall Company was determined without knowledge of the errors indicated below. Year Net Income per Books Error in Ending Inventory 2015 $52,000 Overstated $ 3,020 2016 54,000 Overstated 9,590 2017 56,140 Understated 10,580 2018 58,070 No error 2019 59,900 Understated 1,970 2020 61,910 Overstated 8,490 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 Year Net...
The net income per books of Donna Clark Company was determined without knowledge of the errors...
The net income per books of Donna Clark Company was determined without knowledge of the errors indicated below. Year Net Income per Books Error in Ending Inventory 2015 $54,600 Overstated $ 3,210 2016 56,400 Overstated 9,100 2017 58,560 Understated 10,430 2018 60,500 No error 2019 62,450 Understated 2,080 2020 64,480 Overstated 8,520 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 Year Net...
The net income per books of Helen Martin Company was determined without knowledge of the errors...
The net income per books of Helen Martin Company was determined without knowledge of the errors indicated below. Year Net Income per Books Error in Ending Inventory 2015 $48,800 Overstated $ 3,240 2016 50,890 Overstated 8,900 2017 52,810 Understated 10,750 2018 54,840 No error 2019 56,640 Understated 1,890 2020 58,620 Overstated 7,450 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 Year Net...
An audit of the inventory records of Missouri Inc. identified a number of errors. These errors...
An audit of the inventory records of Missouri Inc. identified a number of errors. These errors are summarized in Exhibit A below: EXHIBIT A Year Net Income Description Reported of Error 2010 $120,000 Overstatement of ending inventory $11,000 2011 $95,000 Understatement of ending inventory $1,500 2012 $99,000 Understatement of ending inventory $18,000 2013 $105,000 Overstatement of ending inventory $20,000 2014 $120,000 Overstatement of ending inventory $5,200 Instructions As financial accountant for Missouri, you have been asked to calculate the corrected...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT