Information: YEAR NET INCOME PER BOOKS ERROR IN ENDING INVENTORY 2013 75000 2000 OVERSTATEMENT 2014 54000...

Information:

YEAR NET INCOME PER BOOKS ERROR IN ENDING INVENTORY

2013 75000 2000 OVERSTATEMENT

2014 54000 2800 UNDERSTATTEMENT

2015 96000 1900 OVERSTATEMENT

No corrections were made in any year, compute the correct income for each of the three years 2013, 2014, AND 2015 (show calculations)

Solutions

Expert Solution

Year	Net Income before Correction	net Effect	Amount	net Income after Correction
2013	75,000	Overstatement	2,000	73,000
2014	54,000	Understatement	2,800	56,800
2015	96,000	Overstatement	1,900	94,100

ekkarill92 answered 1 year ago

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