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plz help!!! will upvote. Error Correction A review of Anderson Corporation's books indicates that the errors and omissions pertaining to the balance sheet accounts shown
plz help!!! will upvote.
Error Correction A review of Anderson Corporation's books indicates that the errors and omissions pertaining to the balance sheet accounts shown as follows had not been corrected during the applicable years The net income per the books is: 2017, 510,000; 2018, $12,000; 2019, $15,000; and 2020, $20,000. No dividends were declared during these years and no adjustments were made to retained earnings. The Retained Earnings balance on December 31, 2020, is $50,000 Ending Inventory Overvalued $ 3,000 2,000 Ending Inventory Undervalued $4,000 December 31 2017 2018 2019 Omissions Prepaid Unearned Accrued Expense Revenues Expense $600 $- $300 500 400 100 900 200 350 Accrued Revenues $- 700 800 2020 1,000 Required: Determine the correct net income for the years 2017, 2018, 2019, and 2020, and the adjusted balance sheet accounts as of December 31, 2020. Ignore possible income tax effects ANDERSON CORPORATION Required: Determine the correct net income for the years 2017, 2018, 2019, and 2020, and the adjusted balance sheet accounts as of December 31, 2020. Ignore possible income tax effects ANDERSON CORPORATION Worksheet to correct Net Income 2017-2020 Net Income Net Income Net Income Net Income Ending Prepaid Unearned Accrued Accrued 2017 2018 2019 2020 Inventory Expense Revenues Expense Revenues Uncorrected net income 1.000 12.000 15.00 21000 2017: Inventory undervalued 0000 4.000 Prepaid expense omitted 600 -600 Accrued expense omitted 000000 b1011 2018: Inventory overvalued Unearned revenues omitted Accrued revenues omitted 2,000 2019 Tnventory overvalued Prepaid expense omitted Accrued expense omitted 2020: Inventory undervalued Prepaid expense omitted o Check My Work 3 more Check My Work uses remaining Step by Step Solution
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