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For each key financial statement figure-(a), (b), (c), and (d) above-prepare a table to show the adjustments necessary to correct the reported amounts. Note: Amounts to be deducted must be entered with a minus sign.

For each key financial statement figure-(a), (b), (c), and (d) above-prepare a table to show the adjustments necessary to correct the reported amounts. Note: Amounts to be deducted must be entered with a minus sign.

FINANCIAL ACCOUNTING
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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1 Navajo Company's year-end financial statements show the following. The company recently discovered that in making physical counts of inventory, it had made the following errors: Year 1 ending inventory is understated by $68,000 and Year 2 ending inventory is overstated by $38,000. ok ces For Year Ended December 31 (a) Cost of goods sold (b) Net income (c) Total current assets (d) Total equity Required 1 Required 2 Complete this question by entering your answers in the tabs below. Year 1 $ 743,000 286,000 1,265,000 Year 2 $ 973,000 293,000 1,378,000 1,405,000 1,598,000 Cost of goods sold: Reported amount Adjustment for 12/31/Year 1 error Adjustment for 12/31/Year 2 error Corrected amount For each key financial statement figure-(a), (b), (c), and (d) above-prepare a table to show the adjustments necessary to correct the reported amounts. Note: Amounts to be deducted must be entered with a minus sign. Net income: Reported amount Adjustment for 12/31/Year 1 error Adjustment for 12/31/Year 2 error Corrected amount Total current assets: Reported amount Adjustment for 12/31/Year 1 error A discutut for 41№------- Year 3 $ 808,000 268,000 1,248,000 1,263,000 Year 1 Year 2 Year 3
Transcribed Image Text:1 Navajo Company's year-end financial statements show the following. The company recently discovered that in making physical counts of inventory, it had made the following errors: Year 1 ending inventory is understated by $68,000 and Year 2 ending inventory is overstated by $38,000. ok ces For Year Ended December 31 (a) Cost of goods sold (b) Net income (c) Total current assets (d) Total equity Required 1 Required 2 Complete this question by entering your answers in the tabs below. Year 1 $ 743,000 286,000 1,265,000 Year 2 $ 973,000 293,000 1,378,000 1,405,000 1,598,000 Cost of goods sold: Reported amount Adjustment for 12/31/Year 1 error Adjustment for 12/31/Year 2 error Corrected amount For each key financial statement figure-(a), (b), (c), and (d) above-prepare a table to show the adjustments necessary to correct the reported amounts. Note: Amounts to be deducted must be entered with a minus sign. Net income: Reported amount Adjustment for 12/31/Year 1 error Adjustment for 12/31/Year 2 error Corrected amount Total current assets: Reported amount Adjustment for 12/31/Year 1 error A discutut for 41№------- Year 3 $ 808,000 268,000 1,248,000 1,263,000 Year 1 Year 2 Year 3
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