Homework: Chapter 6 Graded Homework Save Score: 0 of 4 pts 9 of 10 (9 complete) HW Score: 84%, 21 of 25 pts E6-28A (similar to) Question Help Mystic Tile & Marble Corporation reported the following comparative income statements for the years ended June 30, 2018, and 2017: E (Click the icon to view the comparative income statement.) Mystic's president and shareholders are thrilled by the company's boost in sales and net income during 2018. Then the accountants for the company discover that ending 2017 inventory was understated by $5,500 Read the requirement. Data Table - X Prepare the corrected comparative income statement for the 2-year period. Mystic Tile & Marble Corporation Income Statements (Corrected) Years Ended June 30, 2018 and 2017 2018 2017 Mystic Tile & Marble Corporation Income Statements Sales revenue 140000 119000 For the Years Ended June 30, 2018 and 2017 2018 2017 X 22000 79000 9500 74000 Requirement Sales revenue $ 140,000 $ 119,000 101000 83500 Cost of goods sold: Beginning inventory Net purchases Cost of goods available Ending inventory Cost of goods sold Gross profit Operating expenses $ 16500 Cost of goods sold: Beginning inventory Net purchases Cost of goods available $ 16,500 79,000 9,500 74.000 1. Prepare the corrected comparative income statements for the two-year period, complete with a heading for the statements. How well did Mystic really perform in 2018 as compared with 2017? 84500 55500 95,500 (16.500) 83,500 (16,500) Print Done 24000 79,000 67,000 Net income 31500 Ending inventory Cost of goods sold Gross profit Operating expenses 61.000 24.000 52.000 23.000 $ 37,000 $ 29,000 Net income Print Done Enter any number in the edit fields and then click Check Answer. 1 panta remaining Clear All Clear All Check