A review of Anderson Corporations books indicates that the errors and omissions pertaining to the balance sheet
Question:
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.
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
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Related Book For
Intermediate Accounting Reporting and Analysis
ISBN: 978-1285453828
2nd edition
Authors: James M. Wahlen, Jefferson P. Jones, Donald Pagach
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