Homework Answers
Answer) e. 82000
Explanations:
When Beginning Inventory is overstated by $9000, Cost of goods sold will increase by $9000 and hence profit decreases by $9000. So it should be added to Net Income.
When Ending Inventory is understated by $6000, Cost of goods sold will increase by $6000 and hence profit decreases by $6000. So it should be added to Net Income.
Corrected Net Income = 67000 + 9000 + 6000 = 82000
*Ending inventory of 2014 is the beginning inventory of 2015
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Net Income
per Books
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2012
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determined without any knowledge of the following errors. The 2012
year was Jim Baker’s first year in business. No dividends have been
declared or paid.
Year
Net Income
per Books
Error in
Ending Inventory
2012
$50,300
Overstated
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2013
54,300
Overstated
9,000
2014
56,100
Understated
11,000
2015
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Understated
1,700
2017
61,600
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determined without any knowledge of the following errors. The 2019
year was Sheffield’s first year in business. No dividends have been
declared or paid.
Year
Net Income
per Books
Error in
Ending Inventory
2015
$50,600
Overstated
$5,800
2016
54,400
Overstated
9,500
2017
55,000
Understated
11,100
2018
56,600
No error
2019
59,100
Understated
2,500
2020
60,600
Overstated
9,900
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