Suresh Import Inc reported the following amounts in its financial
Suresh Import, Inc. reported the following amounts in its financial statements:
In making the physical count of inventory, the following errors were made:
(1) Inventory on Dec. 31, 2014: did not count a section of inventory, $45,000.
(2) Inventory on Dec. 31, 2015: included $32,000 of goods that were sold and set aside to be shipped the next day.
For each of the preceding financial statement items—(a), (b), (c), and (d)—prepare a schedule and show the adjustments that would have been necessary to correct the reported amounts.
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