Question
Zenith Enterprises Year Reported Sales Actual Sales Reported Expenses Actual Expenses 2021 $2,500,000 $2,000,000 $1,000,000 $1,200,000 2022 $3,000,000 $2,500,000 $1,200,000 $1,400,000 Requirement: Determine the overstatement
Zenith Enterprises
Year | Reported Sales | Actual Sales | Reported Expenses | Actual Expenses |
2021 | $2,500,000 | $2,000,000 | $1,000,000 | $1,200,000 |
2022 | $3,000,000 | $2,500,000 | $1,200,000 | $1,400,000 |
Requirement: Determine the overstatement of sales and understatement of expenses for each year and explain the potential impacts on the financial statements.
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Accounting
Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac
25th edition
978-1285069609, 1285069609, 978-1133607601
