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The net income per books of Karen White Company was determined without knowledge of the errors indicated below. Net Income per Books Error in Ending
The net income per books of Karen White Company was determined without knowledge of the errors indicated below. Net Income per Books Error in Ending Inventory Year 2015 $46,300 Overstated $ 3,050 2016 48,350 Overstated 8,580 2017 50,250 Understated 11,080 2018 52,430 No error 2019 54,320 Understated 1,990 2020 56,180 Overstated 8,600 Prepare a worksheet to show the adjusted net income figure for each of the 6 years after taking into account the inventory errors. Prepare a worksheet to show the adjusted net income figure for each of the 6 years after taking into account the inventory errors. Errors in Inventories Net Income Per Books Overstatement Jan. 1 Understatement Jan. 1 Overstatement Dec. 31 Year 2015 $46,300 $ $ $ 2016 48,350 2017 50,250 2018 52,430 2019 54,320 2020 56,180 $
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