The net income per books of Linda Williams Company was determined without knowledge of the errors indicated below.Net IncomeError in EndingYearper BooksInventory2015$54,500Overstated$3,120201656,470Overstated8,670201758,270Understated10.790201860,150No error201962,210Understated1,940202064,350Overstated8,030Prepare a worksheet to show the adjusted net income figure for each of the 6 years after taking into account the inventory errors.Errors in InventoriesNet IncomeOverstatementUnderstatementYearPer BooksOverstatemerJan. 1Jan. 1Dec. 312015$54,500$4$4%24201656,470201758,270201860,150201962.210202064,350%24eTexthook and Media Net IncomeError in EndingYearper BooksInventory2015$54,500Overstated$3,120201656,470Overstated8,670201758,270Understated10,790201860,150No error201962,210Understated1,940202064,350Overstated8,030Prepare a worksheet to show the adjusted net income figure for each of the 6 years after taking into account the inventory errors.Errors in InventoriesUnderstatementOverstatementUnderstatementCorrected NetJan. 1Dec. 31Dec. 31Income24eTextbook and Media

Net income is determined by subtracting total expenses from sales revenue earned during the period.…

The net income per books of Linda Williams Company was determined without knowledge of the errors indicated below. Net Income Error in Ending Year per Books Inventory 2015 $54,500 Overstated $3,120 2016 56,470 Overstated 8,670 2017 58,270 Understated 10,790 2018 60,150 No error 2019 62,210 Understated 1,940 2020 64,350 Overstated 8,030 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 Year Per Book Overstatemer Jan. 1 Jan. 1 Dec. 31 2015 $54,500 2$ %24 2016 56,470 2017 58,270 2018 60.150 2019 62,210 2020 64,350

The net income per books of Linda Williams Company was determined without knowledge of the errors indicated below. Net Income Error in Ending Year per Books Inventory 2015 $54,500 Overstated $3,120 2016 56,470 Overstated 8,670 2017 58,270 Understated 10,790 2018 60,150 No error 2019 62,210 Understated 1,940 2020 64,350 Overstated 8,030 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 Year Per Book Overstatemer Jan. 1 Jan. 1 Dec. 31 2015 $54,500 2$ %24 2016 56,470 2017 58,270 2018 60.150 2019 62,210 2020 64,350

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter22: Accounting For Changes And Errors.

Section: Chapter Questions

Problem 11P: A review of Anderson Corporations books indicates that the errors and omissions pertaining to the...

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