FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Current Attemptin rrugress
The net income per books of Kimberly Young Company was determined without knowledge of the errors indicated below.
Year
2020
2021
2022
2023
2024
2025
Year
2020
2021
Net Income
per Books
2022
$49,000
51,060
53,170
55,090
56,960
58,850
Error in Ending
Inventory
Net Income
Per Books
Overstated
Overstated
Understated
No error
Understated
Overstated
Prepare a worksheet to show the adjusted net income figure for each of the 6 years after taking into account the inventory errors.
$49,000
51,060
53,170
$
$2,700
O Search
8,370
11,680
1,890
8,620
Overstatement
Jan. 1
$
Errors in Inventories
Understatement
Jan. 1
DELL)
|
$
Overstatement
Dec. 31
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Transcribed Image Text:Current Attemptin rrugress The net income per books of Kimberly Young Company was determined without knowledge of the errors indicated below. Year 2020 2021 2022 2023 2024 2025 Year 2020 2021 Net Income per Books 2022 $49,000 51,060 53,170 55,090 56,960 58,850 Error in Ending Inventory Net Income Per Books Overstated Overstated Understated No error Understated Overstated Prepare a worksheet to show the adjusted net income figure for each of the 6 years after taking into account the inventory errors. $49,000 51,060 53,170 $ $2,700 O Search 8,370 11,680 1,890 8,620 Overstatement Jan. 1 $ Errors in Inventories Understatement Jan. 1 DELL) | $ Overstatement Dec. 31
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