Question

A review of Anderson Corporation’s books indicates that the errors and omissions pertaining to the balance sheet accounts shown as follows had not been corrected during the applicable years.
The net income per the books is: 2014, $10,000; 2015, $12,000; 2016, $15,000; and 2017, $20,000. No dividends were declared during these years and no adjustments were made to retained earnings. The Retained Earnings balance on December 31, 2017, is $50,000.
Required:
Determine the correct net income for the years 2014, 2015, 2016, and 2017, and the adjusted balance sheet accounts as of December 31, 2017. Ignore possible income tax effects.


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  • CreatedOctober 05, 2015
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