The net income per books of Wu Company was determined without knowledge of the following errors. Instructions

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The net income per books of Wu Company was determined without knowledge of the following errors.

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Instructions Prepare a worksheet to show the adjusted net income figure for each of the 6 years after taking into account the inventory errors.

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Intermediate Accounting IFRS Edition

ISBN: 9781118443965

2nd Edition

Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield

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Question Posted: Mar 17, 2024 07:00 AM

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The net income per books of Wu Company was determined without knowledge of the following errors. Instructions

Question:

Net Income Year per Books Error in Ending Inventory 2011 HK$50,000 Overstated HK$ 5,000 2012 52,000 Overstated 9,000 2013 54,000 Understated 11,000 2014 56,000 No error 2015 58,000 Understated 2,000 2016 60,000 Overstated 10,000

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Intermediate Accounting IFRS Edition

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