Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please help me how to solve this. thank you so much (23 points) company's net incomes for the past two years are presented below (ignore

please help me how to solve this. thank you so much

image text in transcribed

(23 points) company's net incomes for the past two years are presented below (ignore tares 2019 2018 $480,000 $150,000 puing the 2019 year -end audit, the following items come to your attention Dyke boug ht equipment on January 1, 2018 for $490,000 with a $40,000 estimated salvage value and a ife. The company debited an expense account and credited cash on the purchase date for the entire cost of the asset. (Straight-line method) 2019 2018 $%21,000 2. Inventory Overstatement of ending inventory Understatement of ending inventory $28,000 3. Dyke records commission expense when paid. The following are the accrued commissions at the end of 2018 and 2019 which had not been paid. December 2018 $5,1 December 2019 $6,200 Instructions A. Determine corrected net incomes for 2018 and 2019. 2019 Reported Net Income801000 s 150 000 -1 t75'ew) (15,00 150007.1 490 000 21000 211000 5 100 l 19 469,000 1000 Adjusted Net Income

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Management Control Systems

Authors: Frank G.H. Hartmann Professor, Kalle Kraus, Göran Nilsson, Robert N. Anthony, Vijay Govindarajan

2nd Edition

1526848317, 978-1526848314

More Books

Students also viewed these Accounting questions