While  examining the December 31, 2010 financial statements of Dawn Company, the following errors are discovered:   Inventory at January 1 had been overstated by P50,000.;  Inventory at December 31 was understated by P100,000.;  During 2010, Dawn received a P200,000 cash advance from customer for merchandise to be manufactured and shipped during 2011.  The collection was credited to sales revenue.;  The net income reported on the 2010 income statement before reflecting any adjustments for the above items is P5,000,000.  What is the corrected net income for the year ended December 31, 2010?   Choices; 4,950,000 5,150,000 5,100,000 4,850,000

The following information is presented for Bramble Corporation. The net income figures were computed without knowledge of the errors in ending inventory. Assume that there was no error in the 2016 ending inventory. Net Income Error in Ending Year per Books Inventory 2017 $ 186,000 Overstated $ 22,600 2018 84,000 Overstated 34,000 2019 105,000 No error 2020 221,000 Understated 6,200 2021 99,000 Understated 18,000 Prepare a worksheet to show the adjusted net income figure for each year from 2017 to 2021 after taking into account the inventory errors.

Headlands Industries reports net income of $86,320 in 2017. However, ending inventory was understated by $6,990. What is the correct net income for 2017? The correct net income List of Accounts What effect, if any, will this error have on total assets as reported in the balance sheet at December 31, 2017? in the balance sheet will be v by the amount that ending inventory is $ List of Accounts %24

Navajo Company's year-end financial statements show the following. The company recently discovered that in making physical counts of inventory, it had made the following errors: Year 1 ending inventory is understated by $66,000 and Year 2 ending inventory is overstated by $36,000. Mc raw Will For Year Ended December 31 (a) Cost of goods sold (b) Net income (c) Total current assets (d) Total equity Required: 1. For each key financial statement figure-(a), (b), (c), and (d) above-prepare a table to show the adjustments necessary to correct the reported amounts. 2. What is the total error in combined net income for the three-year period resulting from the inventory errors? Required 1 Required 2. Complete this question by entering your answers in the tabs below. Cost of goods sold: Reported amount Adjustment for 12/31/Year 1 error Adjustment for 12/31/Year 2 error Corrected amount Year 1 $ 741,000 Year 2 $ 971,000 291,000 1,376,000 284,000 1,263,000 1,403,000 1,596,000 For each key…

The accountant for Angie Company made the following errors related to purchases of merchandise and ending inventory in 2016: 1. A $2,200 purchase of merchandise on credit was not recorded or included in ending inventory. 2. A $3,180 purchase of merchandise on credit was recorded, but it was inadvertently omitted from the end-of-year physical inventory count. Assuming a periodic inventory system, Angie's Company's 2016 net income will be a. overstated by $5,380. b. overstated by $3,180. c. understated by $2,380. d. understated by $3,180.

During the year December 31, 2018, Samar Company revealed the following events:   - A counting error relating to inventory on December 31, 2020 was discovered. This required a reduction in the carrying amount of inventory on that date of P2,000,000.   - The provision for uncollectible accounts receivable on December 31, 2020 was P500,000. During 2021, an amount of P800,000 was written off the December 31, 2020 accounts receivable.   REQUIRED: What pretax adjustment is required to restate retained earnings on January 1, 2021? a. 2,000,000 b. 2,500,000 c. 2,300,000 d. 0

Sunflower Co. reported net income of P150,000, P180,000, and P220,000 for the years 2017, 2018, and 2019. However, the following errors were detected and were not yet corrected:·        2017 ending inventory is overstated by P6000.·        2018 beginning inventory is overstated by P6000.·        A prepayment for rent for three years amounting to P9000 was expensed in full in 2018.How much is the correct 2019 net income?

During 2016, WMC Corporation discovered that its ending inventories reported on its financial statements were misstated by the following amounts: 2014 understated by $120,000 2015 overstated by 150,000 WMC uses the periodic inventory system and the FIFO cost method. Required: 1. Determine the effect of these errors on retained earnings at January 1, 2016, before any adjustments. Explain your answer. (Ignore income taxes.) 2. Prepare a journal entry to correct the error. 3. What other step(s) would be taken in connection with the error?

During the taking of its physical inventory on December 31, 2013, Kate's Interiors Company incorrectly counted its inventory as $282,380 instead of the correct amount of $242,845. Indicate the effect of the misstatement on Kate's Interiors's December 31, 2013, balance sheet or income statement for the year ended December 31, 2013. For each, select if the amount is overstated or understated. Then, input the over or under amount, entered as a positive value. Cost of goods sold Current assets Gross profit Inventory Net Income Stockholders' equity Total assets