Question
The net income per books of Linda Patrick Company was determined without knowledge of the errors indicated. Year Net Income per Books -------------------------------------------------------- 2009 $50,000
The net income per books of Linda Patrick Company was determined without knowledge of the errors indicated.
Year Net Income per Books
--------------------------------------------------------
2009 $50,000
2010 52,000
2011 54,000
2012 56,000
2013 58,000
2014 60,000
Error in Ending Inventory
----------------------------------------------------
2009 Overstated $3,000
2010 Overstated 9,000
2011 Understated 11,000
2012 No error
2013 Understated 2,000
2014 Overstated 8,000
Prepare a worksheet to show the adjusted net income figure for each of the 6 years after taking into account the inventory errors.
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