look at the las pictures

2018 2017 2016 Sales revenue $ 460,000 $ 435,000 $ 410,000 $ $ 12,000 300,000 $ 23,000 210,000 24,000 280,000 Cost of goods sold: Beginning inventory Net purchases Cost of goods available Ending inventory Cost of goods sold Gross profit 312,000 11,000 233.000 12,000 304,000 23.000 301.000 281,000 221,000 214,000 85.000 159,000 21,000 129.000 9,000 Operating expenses $ 138,000 $ 129,000 $ 120,000 Net income Requirement 1. State whother each year's not income before corrections is understated or overstated, and indicate the amount of the understatement or overstatement Prior to correction net income was Year 2016 2017 2018 2016 Income Statements For the Years Ended December 31, 2018, 2017 and 2016 2018 2017 Sales revenue Cost of goods sold Beginning inventory Net purchases Cost of goods availablo Ending inventory Cost of goods sold Gross profit Operating expenses Net income nerada Operating expenses Net income Requirement 3. What will be the impact on the 2018 income statement if the 2016 inventory error is left uncorrected? if the 2016 inventory error is left uncorrected 2018 net income will be A. understated by the $8,000 overstatement of inventory in 2016 B. overstated by the $7,000 understatement of inventory in 2016 C. correct since the 2016 error will correct itself with the offsetting error in 2017 D. understated by the $7.000 understatement of inventory in 2016 2018 2017 2016 $ 460,000 $ 435,000 $ 410,000 $ 12,000 $ $ 23,000 210,000 24,000 280,000 300,000 Sales revenue Cost of goods sold: Beginning inventory Net purchases Cost of goods available Ending inventory Cost of goods sold Gross profit Operating expenses Net income 312,000 11,000 233,000 12,000 304,000 23,000 301,000 221,000 281,000 159,000 21,000 214,000 85,000 129,000 9,000 $ 138,000 $ 129,000 $ 120,000 Harmony Enterprises Income Statements For the Years Ended December 31, 2018, 2017 and 2016 2018 2017 2016 Sales revenue Cost of goods sold Beginning inventory Net purchases Cost of goods available Ending inventory Cost of goods sold Gross profit Operating expenses Net income Requirement 3. What will be the impact on the 2018 income statement of the 2016 inventory error is left uncorrected? Requirement 3. What will be the impact on the 2018 income statement it the 2016 inventory entor is left uncorrected? it the 2016 inventory error is loft uncorrected 2018 net income will be OA. understated by the $8.000 overstatement of inventory in 2016. OB. overstated by the S7000 understatement of inventory in 2016 Occorrect since the 2016 error will correct itself with the offsetting error in 2017 OD understated by the $7.000 understatement of inventory in 2016 Test Chapter 5 Post-Test 2 of 4 a pala Buat - O Types SIYA les Entertaines com a coming from startede 20 ans 2 mang te 2 ts tos und hemang intory for 2016 est cop and that the ending interest 2018 week overlede by 2017 want Root 2011 2010 2003 metown to 209.2011 2010 201 station motory for 2016 detyrohet wc ty The story Dobra 2017 was.com to veste tot Recent Searcours or other Pro 2010 2017 2011 Regree or comforters Harmony Enterprise comment 1.2001 2018 2011 2010 10000 ang Ci 2018 2017 2016 Sales revenue $ 460,000 $ 435.000 $ 410,000 $ 12,000 300,000 $ 23,000 210,000 24,000 280,000 Cost of goods sold: Beginning inventory Net purchases Cost of goods available Ending inventory Cost of goods sold Gross profit Operating expenses 312,000 11,000 233,000 12,000 304,000 23,000 301,000 221,000 281,000 159,000 21,000 214,000 85,000 129,000 9,000 $ 138,000 $ 129,000 $ 120,000 Net Income 1. State whether each year's net income before corrections is understated or overstated, and indicate the amount of the understatement or overstatement. 2. Prepare corrected income statements for the three years. 3. What will be the impact on the 2018 income statement if the 2016 inventory error is left uncorrected? Requirement 1. State whether each year's not income before corrections is understated or overstated, and indicate the amount of the understatement or oversament You Prior to correction net income was 2010 2017 understated by overstated by overstated by 2018 2016 410,000 Harmony Enterprises Income Statements For the Years Ended December 31, 2018, 2017 and 2016 2018 2017 Sales revenue 480,000 435,000 Cost of goods sold Beginning inventory 12,000 Net purchases Cost of goods available Ending inventory Cost of goods sold Gross profit Operating expenses Not income Requirement 3. What will be the impact on the 2018 income statement if the 2016 inventory error is left uncorrected? If the 2016 inventory error is left uncorrected 2018 net income will be O A. understated by the $8,000 overstatement of inventory in 2016 B. overstated by the S7 000 understatement of inventory in 2016 OC. correct since the 2016 error will correct itself with the offsetting error in 2017 D. understated by the $7,000 understatement of inventory in 2016 2018 2017 2016 Sales revenue $ 460,000 $ 435,000 $ 410,000 $ $ 12,000 300,000 $ 23,000 210,000 24,000 280,000 Cost of goods sold: Beginning inventory Net purchases Cost of goods available Ending inventory Cost of goods sold Gross profit 312,000 11,000 233.000 12,000 304,000 23.000 301.000 281,000 221,000 214,000 85.000 159,000 21,000 129.000 9,000 Operating expenses $ 138,000 $ 129,000 $ 120,000 Net income Requirement 1. State whother each year's not income before corrections is understated or overstated, and indicate the amount of the understatement or overstatement Prior to correction net income was Year 2016 2017 2018 2016 Income Statements For the Years Ended December 31, 2018, 2017 and 2016 2018 2017 Sales revenue Cost of goods sold Beginning inventory Net purchases Cost of goods availablo Ending inventory Cost of goods sold Gross profit Operating expenses Net income nerada Operating expenses Net income Requirement 3. What will be the impact on the 2018 income statement if the 2016 inventory error is left uncorrected? if the 2016 inventory error is left uncorrected 2018 net income will be A. understated by the $8,000 overstatement of inventory in 2016 B. overstated by the $7,000 understatement of inventory in 2016 C. correct since the 2016 error will correct itself with the offsetting error in 2017 D. understated by the $7.000 understatement of inventory in 2016 2018 2017 2016 $ 460,000 $ 435,000 $ 410,000 $ 12,000 $ $ 23,000 210,000 24,000 280,000 300,000 Sales revenue Cost of goods sold: Beginning inventory Net purchases Cost of goods available Ending inventory Cost of goods sold Gross profit Operating expenses Net income 312,000 11,000 233,000 12,000 304,000 23,000 301,000 221,000 281,000 159,000 21,000 214,000 85,000 129,000 9,000 $ 138,000 $ 129,000 $ 120,000 Harmony Enterprises Income Statements For the Years Ended December 31, 2018, 2017 and 2016 2018 2017 2016 Sales revenue Cost of goods sold Beginning inventory Net purchases Cost of goods available Ending inventory Cost of goods sold Gross profit Operating expenses Net income Requirement 3. What will be the impact on the 2018 income statement of the 2016 inventory error is left uncorrected? Requirement 3. What will be the impact on the 2018 income statement it the 2016 inventory entor is left uncorrected? it the 2016 inventory error is loft uncorrected 2018 net income will be OA. understated by the $8.000 overstatement of inventory in 2016. OB. overstated by the S7000 understatement of inventory in 2016 Occorrect since the 2016 error will correct itself with the offsetting error in 2017 OD understated by the $7.000 understatement of inventory in 2016 Test Chapter 5 Post-Test 2 of 4 a pala Buat - O Types SIYA les Entertaines com a coming from startede 20 ans 2 mang te 2 ts tos und hemang intory for 2016 est cop and that the ending interest 2018 week overlede by 2017 want Root 2011 2010 2003 metown to 209.2011 2010 201 station motory for 2016 detyrohet wc ty The story Dobra 2017 was.com to veste tot Recent Searcours or other Pro 2010 2017 2011 Regree or comforters Harmony Enterprise comment 1.2001 2018 2011 2010 10000 ang Ci 2018 2017 2016 Sales revenue $ 460,000 $ 435.000 $ 410,000 $ 12,000 300,000 $ 23,000 210,000 24,000 280,000 Cost of goods sold: Beginning inventory Net purchases Cost of goods available Ending inventory Cost of goods sold Gross profit Operating expenses 312,000 11,000 233,000 12,000 304,000 23,000 301,000 221,000 281,000 159,000 21,000 214,000 85,000 129,000 9,000 $ 138,000 $ 129,000 $ 120,000 Net Income 1. State whether each year's net income before corrections is understated or overstated, and indicate the amount of the understatement or overstatement. 2. Prepare corrected income statements for the three years. 3. What will be the impact on the 2018 income statement if the 2016 inventory error is left uncorrected? Requirement 1. State whether each year's not income before corrections is understated or overstated, and indicate the amount of the understatement or oversament You Prior to correction net income was 2010 2017 understated by overstated by overstated by 2018 2016 410,000 Harmony Enterprises Income Statements For the Years Ended December 31, 2018, 2017 and 2016 2018 2017 Sales revenue 480,000 435,000 Cost of goods sold Beginning inventory 12,000 Net purchases Cost of goods available Ending inventory Cost of goods sold Gross profit Operating expenses Not income Requirement 3. What will be the impact on the 2018 income statement if the 2016 inventory error is left uncorrected? If the 2016 inventory error is left uncorrected 2018 net income will be O A. understated by the $8,000 overstatement of inventory in 2016 B. overstated by the S7 000 understatement of inventory in 2016 OC. correct since the 2016 error will correct itself with the offsetting error in 2017 D. understated by the $7,000 understatement of inventory in 2016