### Requirement 1: Prepare Corrected Income Statements for the Two Years#### Healthy Bite Grocery Income Statements#### Years Ended September 30, 2025 and 2024Healthy Bite Grocery has provided comparative income statements for the fiscal years ending on September 30, 2025, and 2024. The grocery store discovered an overstatement in their 2024 ending merchandise inventory by $4,800, necessitating corrected income statements for both years.**Income Statement Breakdown:****Sales Revenue:**- 2025: [Data required]- 2024: [Data required]**Cost of Goods Sold:**1. **Beginning Merchandise Inventory:** - 2025: [Data required] - 2024: [Data required]2. **Net Cost of Purchases:** - 2025: [Data required] - 2024: [Data required]3. **Cost of Goods Available for Sale:** - 2025: [Data required] - 2024: [Data required]4. **Less: Ending Merchandise Inventory:** - 2025: [Data required] - 2024: [Data required]5. **Cost of Goods Sold:** - 2025: [Data required] - 2024: [Data required]**Gross Profit:**- 2025: [Data required]- 2024: [Data required]**Operating Expenses:** - 2025: [Data required] - 2024: [Data required]**Net Income:**- 2025: [Data required]- 2024: [Data required]The template above highlights the necessary fields to complete the income statement corrections. Each section must be updated to reflect accurate data, post-adjustment for the previously overstated inventory. Understanding these corrections is key to ensuring financial accuracy and transparency in reporting periods, and is reflective of best accounting practices. ## Healthy Bite Grocery### Income Statements### Years Ended September 30, 2025, and 2024---#### 2025 Income Statement- **Net Sales Revenue:** - $137,000- **Cost of Goods Sold:** - **Beginning Merchandise Inventory:** - $11,000 - **Plus: Net Cost of Inventory Purchased:** - $75,000 - **Cost of Goods Available for Sale:** - $86,000 - **Less: Ending Merchandise Inventory:** - $19,500 - **Cost of Goods Sold:** - $66,500- **Gross Profit:** - $70,500- **Operating Expenses:** - $32,000- **Net Income:** - $38,500---#### 2024 Income Statement- **Net Sales Revenue:** - $122,000- **Cost of Goods Sold:** - **Beginning Merchandise Inventory:** - $12,000 - **Plus: Net Cost of Inventory Purchased:** - $74,000 - **Cost of Goods Available for Sale:** - $86,000 - **Less: Ending Merchandise Inventory:** - $11,000 - **Cost of Goods Sold:** - $75,000- **Gross Profit:** - $47,000- **Operating Expenses:** - $26,000- **Net Income:** - $21,000---These income statements outline the financial performance of Healthy Bite Grocery for the fiscal years ending in 2025 and 2024. The statements provide a detailed breakdown of the revenues, cost of goods sold, gross profit, operating expenses, and net income for each year. By comparing the two years, we can observe changes in key financial metrics such as net sales revenue, cost of goods sold, and net income. These comparisons are essential for understanding the company's financial trends and overall health.

The ending inventory comprises of the units that remains unsold at the end of the accounting period.…

Net Sales Revenue Cost of Goods Sold: Healthy Bite Grocery Income Statements Years Ended September 30, 2025 and 2024 2025 Beginning Merchandise Inventory Plus: Net Cost of Inventory Purchased Cost of Goods Available for Sale Less: Ending Merchandise Inventory Cost of Goods Sold Gross Profit Operating Expenses Net Income $ 11,000 75,000 86,000 19,500 $ 137,000 66,500 70,500 32,000 $ 38,500 2024 $ 12,000 74,000 86,000 11,000 $ 122,000 $ 75,000 47,000 26,000 21,000

Net Sales Revenue Cost of Goods Sold: Healthy Bite Grocery Income Statements Years Ended September 30, 2025 and 2024 2025 Beginning Merchandise Inventory Plus: Net Cost of Inventory Purchased Cost of Goods Available for Sale Less: Ending Merchandise Inventory Cost of Goods Sold Gross Profit Operating Expenses Net Income $ 11,000 75,000 86,000 19,500 $ 137,000 66,500 70,500 32,000 $ 38,500 2024 $ 12,000 74,000 86,000 11,000 $ 122,000 $ 75,000 47,000 26,000 21,000

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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