wylab.pearson.com/Student/PlayerHomework.aspx?homeworkId=641213699&questionid=1&flushed=false&cid=7252349¢erwin=yes Accounting Class: Spring 2023 Online Accel II Ch 06 B Homework (Required) Question 10, EF6-24 (similar to) Part 1 of 2 Amy Chen HW Score: 35.6%, 35.6 of 100 points Points: 0 of 9 Natural Bite Grocery reported the following comparative income statements for the years ended April 30, 2025 and 2024: K(Click the icon to view the comparative income statements.) During 2025, Natural Bite Grocery discovered that ending 2024 merchandise inventory was overstated by $5,000. Read the requirements. Requirement 1. Pr Requirements Sales Revenue Cost of Goods S Beginning M Net Cost of 2. Prepare corrected income statements for the two years. State whether each year's net income-before your corrections-is understated or overstated, and indicate the amount of the understatement or overstatement. Cost of Goo Less: Ending Merchandise Inventory Cost of Goods Sold Gross Profit Print Done Required) Bite G lick the 2025, I the requ Data table rement Net Sales Revenue Cost of Goods Sold: Part 1 of 2 Natural Bite Grocery Income Statements Years Ended April 30, 2025 and 2024 - X 2025 2024 $ 143,000 $ 115,000 es Reve Beginning Merchandise Inventory Plus: Net Cost of Inventory Purchased Cost of Goods Available for Sale $ 16,500 $ 9,500 76,000 75,000 92,500 84,500 st of God 17,500 16,500 Less: Ending Merchandise Inventory Beginn Net Co 75,000 68,000 Cost of Goods Sold Gross Profit 68,000 47.000 Cost of 28,000 18,000 Operating Expenses Less: E $ 40,000 $ 29,000 Net Income Cost of ross Prof Derating i et Income mple Get more help Print Done Cle Accounting Class: Spring 2023 Online Accel II -Ch 06 B Homework (Required) t Question 10, EF6-24 (similar to) Part 1 of 2 Arm HW Score: 35.6%, 35.6 of 100 pol Points: 0 of 9 Natural Bite Grocery reported the following comparative income statements for the years ended April 30, 2025 and 2024: (Click the icon to view the comparative income statements.) During 2025, Natural Bite Grocery discovered that ending 2024 merchandise inventory was overstated by $5,000. Read the requirements. Requirement 1. Prepare corrected income statements for the two years. Natural Bite Grocery Income Statements Years Ended April 30, 2025 and 2024 Sales Revenue Cost of Goods Sold: Beginning Merchandise Inventory Net Cost of Purchases Cost of Goods Available for Sale Less: Ending Merchandise Inventory Cost of Goods Sold Gross Profit Operating Expenses Net Income e this Demodocs example Get more help 2025 2024 Cl Cost of Goods Available for Sale 88.500 76,000 16,000 14,500 Less: Ending Merchandise Inventory 72,500 61,500 Cost of Goods Sold 61,500 Gross Profit 24,000 Operating Expenses 37,500 Net Income 65,500 30,000 $ 35,500 Requirement 2 State whether each years net income-before your corrections-is understated or overstated, and indicate the amount of the understatement or overstatement. Year: 2025 2024 Net income prior to correction understated by $ 2,000 overstated by $ 2,000 Demodocs example Get more help. VMware-Horizo...dmg A VMware-Horizo...dmg ^ QuickStart Guide....pdf A nobles finmgr.pdf A Similar ques 22