Question

Hanson's Furniture Outlet reported the following comparative income statement for the years ended June 30, 2014 and 2013.
During 2014, Hanson’s Furniture Outlet discovered that the 2013 ending inventory, as previously reported, was understated by $2,100.
Requirements
1. Prepare the corrected comparative income statement for the two-year period, complete with a heading for the statement.
2. What was the effect of the error on net income for the two years combined? Explain your answer.


$1.99
Sales0
Views52
Comments0
  • CreatedJuly 08, 2015
  • Files Included
Post your question
5000