The net income per books of Nancy Jackson Company was determined without knowledge of the errors indicated below. Net Income per Books Year Error in Ending Inventory 2015 $51,400 Overstated $2,960 2016 53,400 Overstated 8,520 2017 55,360 Understated 10,540 2018 57,400 No error 2019 59,300 Understated 2,150 2020 61,250 Overstated 7,750 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 Understatement Dec. 31 Year 2015 $51,400 $ 2960 $ 2016 53,400 2960 8520 2017 55,360 2018 57,400 2019 59,300 2020 61,250 |