(Inventory Errors) The net income per books of Adamson Company was determined without knowledge of the errors...
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(Inventory Errors) The net income per books of Adamson Company was determined without knowledge of the errors indicated below. Prepare a work sheet to show the adjusted net income figure for each of the 6 years after taking into account the inventory errors.
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Error in Ending Net Income per Books Year 2006 2007 2008 2009 2010 2011 Inventory $50,000 52,000 $ 5,000 Overstated 11,000 Understated No error 56,000 58,000 2,000 10,000 Understated Overstated 60,000
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Net Income Year Per Books 50000 52000 54000 56000 58000 60000 330000 ...View the full answer
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Related Book For
Intermediate Accounting
ISBN: 978-0470423684
13th Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, And Terry D. Warfield
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