Navajo Company's financial statements show the following. The company recently discovered that in making physical counts...

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Navajo Company's financial statements show the following. The company recently discovered that in making physical counts of y is inventory, it had made the following errors. Year 1 ending inventory is understated by $69,000, and Year 2 ending inventory is overstated by $39,000. For Year Ended December 31 (a) Cost of goods sold (b) Net income (c) Total current assets (d) Total equity Cost of goods sold. Reported amount Adjustments for Required: 1. For each key financial statement figure-(a). (b), (c), and (d) below-prepare a table to show the adjustments necessary to correct the reported amounts 2. What is the total error in combined net income for the three-year period resulting from the inventory errors? Complete this question by entering your answers in the tabs below. Corrected amount Net income Reported amount Adjustments for: Required 1 Required 2 For each key financial statement figure-(a), (b), (c), and (d) below-prepare a table to show the adjustments necessary to correct the reported amounts. (Amounts to be deducted must be entered with a minus sign.) Year 2 Corrected amount Total current assets Reported amount Adjustments for Year 1 744,000 3 287,000 1,266,000 1,406,000 Corrected amount Equity Reported amount Adjustments for Corrected amount 12/31/Year 1 error 12/31/Year 2 error 12/31/Year 1 error 12/31/Year 2 error Year 2 974,000 $ 294,000 1,379,000 1,599,000 12/31/Year 1 enor 12/31/Year 2 error 12/31/Year 1 error 12/31/Year 2 error Year 3 809,000 269,000 1,249,000 1,264,000 Year 1 DELETE Year 1 Problem 5-6A Analysis of Inventory errors LO A2 Navajo Company's financial statements show the following. The company recently discovered that in making physical counts of Inventory, it had made the following errors: Year 1 ending inventory is understated by $69,000, and Year 2 ending inventory is overstated by $39,000. For Year Ended December 31 (a) Cost of goods sold (b) Net income (c) Total current assets (d) Tatal equity Year 1 Year 2 744,000 $ 974,000 287,000 204,000 1,266,000 1,379,000 1,406,000 1,599,000 Year 3 $809,000 269,000 1,249,000 1,264,000 Required: 1. For each key financial statement figure-(a), (b), (c). and (d) below-prepare a table to show the adjustments necessary to correct the reported amounts. 2. What is the total error in combined net income for the three-year period resulting from the inventory errors? Complete this question by entering your answers in the tabs below. Required 1 Required 2 What is the error in total net income for the combined three-year period resulting from the inventory errors? Error in total net income of three years < Required 1 Problem 5-6A Analysis of inventory errors LO A2 Navajo Company's financial statements show the following. The company recently discovered that in making physical counts of inventory, it had made the following errors Year 1 ending inventory is understated by $69,000, and Year 2 ending inventory is overstated by $39,000. For Year Ended December 31 (a) Cost of goods sold (b) Net Income (e) Total current assets. (d) Total equity. $ Year 1 744,000 $ 257,000 1,266,000 1,400,000 Year 2 974,000 $ 294,000 1,379,000 1,599,000 Year 3 809,000 269,000 1,249,000 1,264,000 Required: 1. For each key financial statement figure-(a), (b). (d), and (d) below-prepare a table to show the adjustments necessary to correct the reported amounts 2. What is the total error in combined net income for the three-year period resulting from the inventory errors? Required 1 Required 2 For each key financial statement figure-(a), (b), (c), and (d) below-prepare a table to show the adjustments necessary to correct the reported amounts. (Amounts to be deducted must be entered with a minus sign.) Cost of goods sold Reported amount Adjustments for: Corrected amount Net income Reported amount Adjustments for Corrected amount Total current assets) Reported amount Adjustments for: Corrected amount Equity Reported amount Adjustments for Corrected amount 12/31/Year 1 error 12/31/Year 2 error 12/31/Year 1 error 12/31/Year 2 error 12/31/Year 1 error 12/31/Year 2 error 12/31/Year 1 error 12/31/Year 2 error S $ $ $ Year 1 0 $ 0 $ 0 $ 0 $ Year 2 0 S 0 $ 0 $ 0 $ Year 3 0 Problem 5-6A Analysis of inventory errors LO A2 Navajo Company's financial statements show the following. The company recently discovered that in making physical counts of inventory, it had made the following errors: Year 1 ending inventory is understated by $69,000, and Year 2 ending inventory is overstated by $39,000. For Year Ended December 31 (a) Cost of goods sold (b) Net Income (c) Total current assets (d) Total equity $ Required 1 Year 1 Year 2 744,000 $ 974,000 $ 294,000 287,000 1,266,000 1,406,000 Required 2 1,379,000 1,599,000 Year 3 609,000 269,000 Required: 1. For each key financial statement figure-(a), (b). (c), and (d) below-prepare a table to show the adjustments necessary to correct the reported amounts, 2. What is the total error in combined net income for the three-year period resulting from the inventory errors? 1,249,000 1,264,000 Complete this question by entering your answers in the tabs below. What is the error in total net income for the combined three-year period resulting from the inventory errors? Estor in total net income of three years Navajo Company's financial statements show the following. The company recently discovered that in making physical counts of y is inventory, it had made the following errors. Year 1 ending inventory is understated by $69,000, and Year 2 ending inventory is overstated by $39,000. For Year Ended December 31 (a) Cost of goods sold (b) Net income (c) Total current assets (d) Total equity Cost of goods sold. Reported amount Adjustments for Required: 1. For each key financial statement figure-(a). (b), (c), and (d) below-prepare a table to show the adjustments necessary to correct the reported amounts 2. What is the total error in combined net income for the three-year period resulting from the inventory errors? Complete this question by entering your answers in the tabs below. Corrected amount Net income Reported amount Adjustments for: Required 1 Required 2 For each key financial statement figure-(a), (b), (c), and (d) below-prepare a table to show the adjustments necessary to correct the reported amounts. (Amounts to be deducted must be entered with a minus sign.) Year 2 Corrected amount Total current assets Reported amount Adjustments for Year 1 744,000 3 287,000 1,266,000 1,406,000 Corrected amount Equity Reported amount Adjustments for Corrected amount 12/31/Year 1 error 12/31/Year 2 error 12/31/Year 1 error 12/31/Year 2 error Year 2 974,000 $ 294,000 1,379,000 1,599,000 12/31/Year 1 enor 12/31/Year 2 error 12/31/Year 1 error 12/31/Year 2 error Year 3 809,000 269,000 1,249,000 1,264,000 Year 1 DELETE Year 1 Problem 5-6A Analysis of Inventory errors LO A2 Navajo Company's financial statements show the following. The company recently discovered that in making physical counts of Inventory, it had made the following errors: Year 1 ending inventory is understated by $69,000, and Year 2 ending inventory is overstated by $39,000. For Year Ended December 31 (a) Cost of goods sold (b) Net income (c) Total current assets (d) Tatal equity Year 1 Year 2 744,000 $ 974,000 287,000 204,000 1,266,000 1,379,000 1,406,000 1,599,000 Year 3 $809,000 269,000 1,249,000 1,264,000 Required: 1. For each key financial statement figure-(a), (b), (c). and (d) below-prepare a table to show the adjustments necessary to correct the reported amounts. 2. What is the total error in combined net income for the three-year period resulting from the inventory errors? Complete this question by entering your answers in the tabs below. Required 1 Required 2 What is the error in total net income for the combined three-year period resulting from the inventory errors? Error in total net income of three years < Required 1 Problem 5-6A Analysis of inventory errors LO A2 Navajo Company's financial statements show the following. The company recently discovered that in making physical counts of inventory, it had made the following errors Year 1 ending inventory is understated by $69,000, and Year 2 ending inventory is overstated by $39,000. For Year Ended December 31 (a) Cost of goods sold (b) Net Income (e) Total current assets. (d) Total equity. $ Year 1 744,000 $ 257,000 1,266,000 1,400,000 Year 2 974,000 $ 294,000 1,379,000 1,599,000 Year 3 809,000 269,000 1,249,000 1,264,000 Required: 1. For each key financial statement figure-(a), (b). (d), and (d) below-prepare a table to show the adjustments necessary to correct the reported amounts 2. What is the total error in combined net income for the three-year period resulting from the inventory errors? Required 1 Required 2 For each key financial statement figure-(a), (b), (c), and (d) below-prepare a table to show the adjustments necessary to correct the reported amounts. (Amounts to be deducted must be entered with a minus sign.) Cost of goods sold Reported amount Adjustments for: Corrected amount Net income Reported amount Adjustments for Corrected amount Total current assets) Reported amount Adjustments for: Corrected amount Equity Reported amount Adjustments for Corrected amount 12/31/Year 1 error 12/31/Year 2 error 12/31/Year 1 error 12/31/Year 2 error 12/31/Year 1 error 12/31/Year 2 error 12/31/Year 1 error 12/31/Year 2 error S $ $ $ Year 1 0 $ 0 $ 0 $ 0 $ Year 2 0 S 0 $ 0 $ 0 $ Year 3 0 Problem 5-6A Analysis of inventory errors LO A2 Navajo Company's financial statements show the following. The company recently discovered that in making physical counts of inventory, it had made the following errors: Year 1 ending inventory is understated by $69,000, and Year 2 ending inventory is overstated by $39,000. For Year Ended December 31 (a) Cost of goods sold (b) Net Income (c) Total current assets (d) Total equity $ Required 1 Year 1 Year 2 744,000 $ 974,000 $ 294,000 287,000 1,266,000 1,406,000 Required 2 1,379,000 1,599,000 Year 3 609,000 269,000 Required: 1. For each key financial statement figure-(a), (b). (c), and (d) below-prepare a table to show the adjustments necessary to correct the reported amounts, 2. What is the total error in combined net income for the three-year period resulting from the inventory errors? 1,249,000 1,264,000 Complete this question by entering your answers in the tabs below. What is the error in total net income for the combined three-year period resulting from the inventory errors? Estor in total net income of three years

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Required 1 For each key financial statement figurea b c and d belowprepare a table to show the adjus... View the full answer