Loring Tools, Inc., failed to make year-end adjustments to record accrued salaries and recognize interest receivable on
Question:
Loring Tools, Inc., failed to make year-end adjustments to record accrued salaries and recognize interest receivable on investments over the last three years as follows:
What impact would the correction of these errors have on the net income for these three years? Ignore incometaxes.
Transcribed Image Text:
2006 2007 2008 Accrued salaries Interest receivable $25,000 10,500 $19,000 8,500 $32,000 13,200
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Related Book For
Intermediate Accounting
ISBN: 978-0324312140
16th Edition
Authors: James D. Stice, Earl K. Stice, Fred Skousen
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