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Help with the blanks as well as the error in total net income of three years? 12 Navajo Company's financial statements show the following. Th
Help with the blanks as well as the error in total net income of three years?
12 Navajo Company's financial statements show the following. Th e company recently discovered that in making physical counts of inventory. t had made the folowng errors: Inventory on December 31, 2016, is understated by 551000, and inivmiber 31, 2017, is overstated by $21,000. 2 points (a) Cost of goods sold (b) Net income (c) Total current assets (d) Total equity 269,e06e 1,248,0800 1,388,00e 276,006 1,361,800 1,581,000 251,800 1,231,000 1, 246,800 eBook Require: 1. For each key financial statement figure (a). (b), (d. and (d) below-prepare a table to show the adjustments necessary to correct the reported amounts. 2. What i Print s the error in total net income for the combined three year period resulting from the inventory errors? References Complete this questions by entering your answers in the tabs below Required 1 Required 2 For each key financial statement figure-(a), (b), (c), and (d) below prepare a table to show the adjustments necessary to correct the reported amounts. (Amounts to be deducted must be entered with a minus sign.) 2016 2017 2018 Cost of goods sold Reported amount Adjustments for 12/31/2016 error 12/31/2017 error Corrected amount Net income Mc Graw
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