The net income per books of Maria Miller Company was determined without knowledge of the errors indicated
Question:
The net income per books of Maria Miller Company was determined without knowledge of the errors indicated below.
Year | Net Income | Error in Ending | ||||||
---|---|---|---|---|---|---|---|---|
2015 | $48,100 | Overstated | $ 2,750 | |||||
2016 | 50,190 | Overstated | 8,960 | |||||
2017 | 52,110 | Understated | 9,960 | |||||
2018 | 54,060 | No error | ||||||
2019 | 56,040 | Understated | 2,140 | |||||
2020 | 57,950 | Overstated | 7,380 |
Prepare a worksheet to show the adjusted net income figure for each of the 6 years after taking into account the inventory errors.
Overstated Jan 1 Understated Jan 1 Overstated Dec 31 Understated Dec 31 Corrected Net Income
2015 | $48,100 | $enter a dollar amount | $enter a dollar amount | $enter a dollar amount | $enter a dollar amount | $enter a dollar amount | ||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
2016 | 50,190 | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | ||||||
2017 | 52,110 | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | ||||||
2018 | 54,060 | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | ||||||
2019 | 56,040 | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | ||||||
2020 | 57,950 | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | ||||||
$enter a total amount |
Intermediate Accounting
ISBN: 978-1118147290
15th edition
Authors: Donald E. Kieso, Jerry J. Weygandt, and Terry D. Warfield