Question
Question 2 [14 points] Welor Inc. reported the amounts shown below in its financial statements. In making the physical counts of inventory, the following
Question 2 [14 points] Welor Inc. reported the amounts shown below in its financial statements. In making the physical counts of inventory, the following errors were made: Inventory on December 31, 2023: understated $21,000 Inventory on December 31, 2024: overstated $30,000 Financial Statements for Year Ended December 31, 2023 2024 2025 Cost of Goods Sold 375,000 340,000 335,000 Net income 205,000 225,000 250,000 Total current assets 850,000 845,000 715,000 Equity 580,000 580,000 610,000 Use this information to calculate the corrected amounts for each year and enter them in the table below: Cost of Goods Sold Net income Total current assets Equity Official Time: 16:17:05 2023 2024 2025 SUBMIT AND MARK
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