The net income per books of Linda Patrick Company was determined without knowledge of the errors indicated.
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Instructions
Prepare a worksheet to show the adjusted net income figure for each of the 6 years after taking into account the inventoryerrors.
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Error in Ending Inventory Net Income per Books $50,000 52,000 Year 2009 20104.000 2011 2012 20130,000 2014 Overstated Overstated 3 9,000 $ 3,000 Understated 000 56,000 58,000 No error Understated Overstated 2,000 8,000
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Related Book For
Intermediate Accounting
ISBN: 978-1118147290
15th edition
Authors: Donald E. Kieso, Jerry J. Weygandt, and Terry D. Warfield
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