The net income per books of Wu Ltd. was determined without knowledge of the following errors. Instructions
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Instructions
Prepare a worksheet to show the adjusted net income figure for each of the 6 years after taking into account the inventory errors.
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Year Net Income per Books Error in Ending Inventory HK$50,000 Overstated HK$ 5,000 2015 2016 52,000 Overstated 9,000 11,000 2017 54,000 Understated 2018 56,000 No error 58,000 Understated 2019 2,000 60,000 Overstated 2020 10,000
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Errors in Inventories Year Net Income Per Books Add Overstate ment Jan 1 Deduct ...View the full answer
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Related Book For
Intermediate Accounting IFRS
ISBN: 978-1119372936
3rd edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
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