Williams Ltd reports profit of $180000 in 2015. However, ending inventory understated by $14000. What is the correct profit for 2015? What effect, if any, will this error have on total assets as reported in the statement of financial position at 30 June This information relates to Peters Ltd. On 5 April purchased inventory from D. Nicks Ltd for $9000, terms 2/7, n/30, FOB shipping point. On 6 April paid fright costs of $450 on inventory purchased from D. Nicks Ltd. On 7 April purchased equipment on account for $13 000. On 8 April returned damaged inventory to D. Nicks Ltd and was granted a $1500 allowance On 9 April paid the amount due to D. Nicks Ltd in full. (a) Prepare the journal entries to record these transactions on the books of Peters Ltd using a periodic inventory system. (b) Assume that Peters Ltd paid the balance due to D. Nicks Ltd on 4 May ins 9 April. Prepare the journal entry to record this payment