The income statement of TINKER CORP. shows a net income of P175,000 for the year ended December 31, 2014. Adjustments were made for the following errors: 1 December 31, 2013, inventory overstated by P22,500. 2 December 31, 2014, inventory understated by P37,500. 3 A P10,000 customer's deposit received in December 2014, was credited to sales in 2014. The goods were actually shipped in January 2015. What is the unadjusted net income of Uruguay Co. for the year ended December 31, 2014? A. P234,000 C. P170,000 В. P125,000 D. P200,000

The income statement of TINKER CORP. shows a net income of P175,000 for the year ended December 31, 2014. Adjustments were made for the following errors: 1 December 31, 2013, inventory overstated by P22,500. 2 December 31, 2014, inventory understated by P37,500. 3 A P10,000 customer's deposit received in December 2014, was credited to sales in 2014. The goods were actually shipped in January 2015. What is the unadjusted net income of Uruguay Co. for the year ended December 31, 2014? A. P234,000 C. P170,000 В. P125,000 D. P200,000

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 15EB: Tanke Company reported net income on the year-end financial statements of $850,200. However, errors...

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