The net income per books of Ruth Lewis Company was determined without knowledge of the errors...
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The net income per books of Ruth Lewis Company was determined without knowledge of the errors indicated below. Error in Ending Inventory $ 2,750 Net Income Year per Books $50,000 Overstated 2015 2016 51,800 Overstated 8,610 2017 Understated 53,860 11,410 No error 55,970 2018 58,080 Understated 1,970 2019 Overstated 2020 60,240 8,420 Prepare a worksheet to show the adjusted net income figure for each of the 6 years after taking into account the inventory errors. Errors in Inventories Understatement Understatement Corrected Net Net Income Overstatement Overstatement Dec. 31 Per Books Year Jan. 1 Jan. 1 Dec. 31 Income $50,000 2015 $1 51,800 2016 2017 53,860 2018 55,970 2019 58,080 60,240 2020 The net income per books of Ruth Lewis Company was determined without knowledge of the errors indicated below. Error in Ending Inventory $ 2,750 Net Income Year per Books $50,000 Overstated 2015 2016 51,800 Overstated 8,610 2017 Understated 53,860 11,410 No error 55,970 2018 58,080 Understated 1,970 2019 Overstated 2020 60,240 8,420 Prepare a worksheet to show the adjusted net income figure for each of the 6 years after taking into account the inventory errors. Errors in Inventories Understatement Understatement Corrected Net Net Income Overstatement Overstatement Dec. 31 Per Books Year Jan. 1 Jan. 1 Dec. 31 Income $50,000 2015 $1 51,800 2016 2017 53,860 2018 55,970 2019 58,080 60,240 2020
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Related Book For
Intermediate Accounting
ISBN: 978-1118147290
15th edition
Authors: Donald E. Kieso, Jerry J. Weygandt, and Terry D. Warfield
Posted Date:
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