Requirements: Determing the effect of the errors to the following:1. 20x2 net income2. 20x3 net income3. 20x4 net income4. 20x4 retained earnings, beginning5. 20x4 retained earnings, ending6. 20x4 working capital Problem 2: (Concepts in Correction of errors) You have been engaged to audit the accounts of ABC Company for the first timein 20x4. During the audit you discovered the following information.Year ending December 31Omission of:Accrued expensesAccrued income20X220X320X4P15,0008,00016,00011,0001,0002,0001,500P7,0009,00012,00013,000P22,0005,0006,00010,000ab.Prepaid expensesd.с.Unearned incomeBeginning inventoryf.е.Ending inventoryBad debt expensesg.Cash dividend payableRequirements: Determine the effect of the errors to:h.5001.20X2 Net Income2.20X3 Net Income3.20X4 Net Income20X4 Retained Earnings, Beginning20X4 Retained Earnings, Ending+. 20X4 Working Capital4.5.

Name: Requirements: Determing the effect of the errors to the following:1. 2
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Description: Requirements: Determing the effect of the errors to the following:1. 20x2 net income2. 20x3 net income3. 20x4 net income4. 20x4 retained earnings, beginning5. 20x4 retained earnings, ending6. 20x4 working capital Problem 2: (Concepts in Correction of

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Answered: 1. 20x2 net income 2. 20x3 net income…

Business

Accounting

1. 20x2 net income 2. 20x3 net income 3. 20x4 net income

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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