Question: Waymire Company prepared the partial income statements presented below for

Waymire Company prepared the partial income statements presented below for 2011 and 2010.
During 2012, Waymire’s accountant discovered that ending inventory for 2010 had been overstated by $8,200.
Required:
1. Prepare corrected income statements for 2011 and 2010.
2. Prepare a schedule showing each financial statement item affected by the error and the amount of the error for that item. Indicate whether each error is an overstatement (+) or an understatement (–).



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  • CreatedSeptember 22, 2015
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