Earth Foods Grocery reported the following comparative income statements for the years ended April 30, 2025...
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Earth Foods Grocery reported the following comparative income statements for the years ended April 30, 2025 and 2024: (Click the icon to view the comparative income statements.) During 2025, Earth Foods Grocery discovered that ending 2024 merchandise inventory was overstated by $4,000. Read the requirements Requirement 1. Prepare corrected income statements for the two years. Earth Foods Grocery Income Statements Years Ended April 30, 2025 and 2024 2025 Sales Revenue Cost of Goods Sold: Beginning Merchandise Inventory Net Cost of Purchases Cost of Goods Available for Sale Less: Ending Merchandise Inventory Cost of Goods Sold Gross Profit Operating Expenses Net Income Requirements 1. 2. Prepare corrected income statements for the two years. State whether each year's net income-before your corrections is understated or overstated, and indicate the amount of the understatement or overstatement. Print 2024 Done X Basic Foods Grocery reported the following comparative income statements for the years ended June 30, 2025 and 2024: (Click the icon to view the comparative income statements.) During 2025, Basic Foods Grocery discovered that ending 2024 merchandise inventory was overstated by $2,500. Read the requirements Requirement 1. Prepare corrected income statements for the two years. Basic Foods Grocery Income Statements Years Ended June 30, 2025 and 2024 2025 Sales Revenue Cost of Goods Sold: Beginning Merchandise Inventory Net Cost of Purch Cost of Goods A Less: Ending Me Cost of Goods S Gross Profit Operating Expenses Net Income Data table Net Sales Revenue Cost of Goods Sold: Basic Foods Grocery Income Statements Years Ended June 30, 2025 and 2024 Beginning Merchandise Inventory Plus: Net Cost of Inventory Purchased Cost of Goods Available for Sale Less: Ending Merchandise Inventory Cost of Goods Sold Gross Profit Operating Expenses Net Income 2024 Print 2025 $ 13,000 73,000 86,000 18,500 $ 139,000 67,500 71,500 25,000 $ 46,500 Done $ 2024 9,500 68,000 77,500 13,000 $ 117,000 $ 64,500 52,500 18,000 34,500 X Earth Foods Grocery reported the following comparative income statements for the years ended April 30, 2025 and 2024: (Click the icon to view the comparative income statements.) During 2025, Earth Foods Grocery discovered that ending 2024 merchandise inventory was overstated by $4,000. Read the requirements Requirement 1. Prepare corrected income statements for the two years. Earth Foods Grocery Income Statements Years Ended April 30, 2025 and 2024 2025 Sales Revenue Cost of Goods Sold: Beginning Merchandise Inventory Net Cost of Purchases Cost of Goods Available for Sale Less: Ending Merchandise Inventory Cost of Goods Sold Gross Profit Operating Expenses Net Income Requirements 1. 2. Prepare corrected income statements for the two years. State whether each year's net income-before your corrections is understated or overstated, and indicate the amount of the understatement or overstatement. Print 2024 Done X Basic Foods Grocery reported the following comparative income statements for the years ended June 30, 2025 and 2024: (Click the icon to view the comparative income statements.) During 2025, Basic Foods Grocery discovered that ending 2024 merchandise inventory was overstated by $2,500. Read the requirements Requirement 1. Prepare corrected income statements for the two years. Basic Foods Grocery Income Statements Years Ended June 30, 2025 and 2024 2025 Sales Revenue Cost of Goods Sold: Beginning Merchandise Inventory Net Cost of Purch Cost of Goods A Less: Ending Me Cost of Goods S Gross Profit Operating Expenses Net Income Data table Net Sales Revenue Cost of Goods Sold: Basic Foods Grocery Income Statements Years Ended June 30, 2025 and 2024 Beginning Merchandise Inventory Plus: Net Cost of Inventory Purchased Cost of Goods Available for Sale Less: Ending Merchandise Inventory Cost of Goods Sold Gross Profit Operating Expenses Net Income 2024 Print 2025 $ 13,000 73,000 86,000 18,500 $ 139,000 67,500 71,500 25,000 $ 46,500 Done $ 2024 9,500 68,000 77,500 13,000 $ 117,000 $ 64,500 52,500 18,000 34,500 X
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Related Book For
Financial and Managerial Accounting
ISBN: 978-0132497978
3rd Edition
Authors: Horngren, Harrison, Oliver
Posted Date:
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