A review of the books of the Anderson Corporation indicates that the errors and omissions pertaining to

Question:

A review of the books of the Anderson indicates that the errors and omissions pertaining to the accounts shown as follows had not been corrected during the applicable years.
The net income per the books is: 2005€”$10,000; 2006€”$12,000; 2007€”$15,000; and 2008€”$20,000. No dividends were declared during these years and no adjustments were made to retained earnings. The Retained Earnings balance on December 31, 2008, is $50,000.

A review of the books of the Anderson Corporation indicates

Required
Prepare a worksheet to determine the correct net income for the years 2005, 2006, 2007, and 2008, and the adjusted balance sheet accounts as of December 31, 2008. (Ignore possible income taxeffects.)

Balance Sheet
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... Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...