#1. In early 2026, auditors found that the ending merchandise invenotry for 2023 was understated by $8,000 and that the ending merchandise inventory for 2025 was overstated by $9,000. The ending merchandise inventory at December 31, 2024, was correct.
stated by $8,000 and that the ending merchandise inventory for 2025 was overstated by $9,000. The ending mer and 2023 24 - X * Requirements rect 1. Prepare corrected income statements for the three years 2. State whether each year's net income-before your correctionsis understated or overstated, and indicate the amount of the understatement or overstatement 3. Compute the inventory turnover and days' sales in inventory using the corrected income statement for the three years (Round all numbers to two decimals Print Done nderstated or overstated, and indicate the amount of the understatement or overstatement he next question 07 Requirement 1. Prepare corrected Income statements for the three years Pond Rush Carpets Income Statement For the Years Ended December 31, 2025, 2024 and 2023 2025 2024 2023 Ending Merchandise Ending Merchandise Inventory Overstated Inventory Understated by 59.000 Correct by $8.000 Net Sales Revenue Cost of Goods Sold Beginning Merchandise inventory Plus: Net Cost of Inventory Purchased Cost of Goods Available for Sale Less Ending Merchandise Inventory Cost of Goods Solid GoPro Operating Expres Net Income Requirement 2. State whether each year's income-before your comections understated or overstated and indicate the amount of the understatement or overstatement Prior to connection comes 2025 Choose toman stor enter any number in the input reds and then continue to me next question Type here to search o SAMSUNG Cost of Goods Sold Gross Pro Operating Expenses Net Income Requirement 2. State whether each year's net income-before your corections understated or overstated, and indicate the amount of the understatement or overstatement Prior to correction net income was 2025 2024 2023 Yew Requirement 3. Compute the inventory turnover and days' sales inventory using the corrected income statement for the three years Roundabers to be decimals) Select the labels and enter the amounts to compute inventory turnover for each year (Round your answers to two decimal places XX) 2025 Now the band the most compute das sin intory for each year decimal places Xxx Choose your berinterotondo Type here to search O La SAMSUNG To Emo Please answer the question in full if you know how to do it! Please allign the answers how the questions are so it's not confusing for me to figure out where it goes! Will give a thumbs up if the answer is correct! If you have trouble reading any of the images please let me know so I can post another picture! Hor 2023 was understated by $8.000 and that the ending merchandise Inventory for 2025 was overstated by $9.000. The ending merchandise Inventory year Cal Data Table - X later ber3 2025 2024 2023 Bise $ 201,000 $ 161,000 $ 173.000 Net Sales Revenue Cost of Goods Sold $ $ 22.000 133.000 $ 28,000 102,000 40,000 90,000 Beginning Merchandise Inventory Plus: Net Cost of Inventory Purchased Cost of Goods Available for Sale Less:Ending Merchandise Inventory Cost of Goods Sold Gross Profit 155.000 32.000 130,000 22,000 130.000 28,000 123,000 108,000 102.000 71 000 78 000 48.000 Operating Expenses 53.000 27.000 26,000 39.000 $ Net Income 30,000 $ 32,000 Print Done re your corrections- understated or overstated and indicate the amount of the understatement or overstatement as and then continue to the next question O li SAMSUNG 3479 regar To contact
