Question

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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