Company's annual net income for the period 2017-2021 follows:Net income (loss)P 412,500935,000Year201720181,773,750( 275,000)687,500201920202021A review of the company's records reveals the following inventory errors:P 8,250 understatement, end of year16,500 overstatement, end of year12,375 understatement, end of year201720182019202030,250 overstatement, end of yearQuestions:What is the adjusted net income (loss) in 2017?What is the adjusted net income (loss) in 2018?What is the adjusted net income (loss) in 2019?What is the adjusted net income (loss) in 2020?What is the adjusted net income (loss) in 2021?

Inventory means the stock of goods in hand . Goods means is the thing in which the business deals…

ompany period TOllows: Net income (loss) P 412,500 935,000 1,773,750 ( 275,000) 687,500 Year 2017 2018 2019 2020 2021 A review of the company's records reveals the following inventory errors: P 8,250 understatement, end of year 16,500 overstatement, end of year 12,375 understatement, end of year 30,250 overstatement, end of year 2017 2018 2019 2020 Questions: What is the adjusted net income (loss) in 2017? What is the adjusted net income (loss) in 2018? What is the adjusted net income (loss) in 2019? What is the adjusted net income (loss) in 2020? What is the adjusted net income (loss) in 2021?

ompany period TOllows: Net income (loss) P 412,500 935,000 1,773,750 ( 275,000) 687,500 Year 2017 2018 2019 2020 2021 A review of the company's records reveals the following inventory errors: P 8,250 understatement, end of year 16,500 overstatement, end of year 12,375 understatement, end of year 30,250 overstatement, end of year 2017 2018 2019 2020 Questions: What is the adjusted net income (loss) in 2017? What is the adjusted net income (loss) in 2018? What is the adjusted net income (loss) in 2019? What is the adjusted net income (loss) in 2020? What is the adjusted net income (loss) in 2021?

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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If Wakowski Company's ending inventory was actually $86,000 but was adjusted at year end to a balance of $68,000 in error, what would be the impact on the presentation of the balance sheet and income statement for the year that the error occurred, if any? If no entry is required, select "None" and leave the amount boxes blank. Balance Sheet: Merchandise Inventory $4 Current Assets Total Assets Retained Earnings Income Statement: Cost of Goods Sold Gross Profit/Gross Margin Net Income
The following information is presented for Marigold Corporation. The net income figures were computed without knowledge of the errors in ending inventory. Assume that there was no error in the 2016 ending inventory. Year Net Incomeper Books Error in EndingInventory 2017 $ 180,000 Overstated $ 23,000 2018 93,000 Overstated 35,000 2019 108,000 No error - 2020 218,000 Understated 6,200 2021 97,000 Understated 19,500 Prepare a worksheet to show the adjusted net income figure for each year from 2017 to 2021 after taking into account the inventory
#26 While examining the December 31, 2018 financial statements of Sydney company, the following errors are discovered: *Inventory on January 1 had been overstated by P30,000. *Inventory on December 31 was understated by P60,000. During 2018, Donna received a P120,000 cash advance from customer for merchandise to be manufactured and shipped during 2019. The amount was credited to sales revenue. *The net income reported on the 2018 income statement before reflecting any adjustment is P3,000,000. What is the corrected net income for the year ended December 31, 2018? ANSWER: 2,970,000 Pls provide solution and explanation for the answer above
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Chouchou Company's statements for 2024 and 2025 included the following errors: December 31, 2024 inventory understated 2,000,000 December 31, 2025 inventory overstated 1,000,000 Depreciation for 2024 understated 400,000 |Depreciation for 2025 overstated 800,000 How much should retained earnings be retroactively adjusted on January 1, 2026? 1,400,000 A. increase 1,400,000 B. decrease 600,000 C. increase 600,000 D. decrease
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solve correct
What is the net effect of the errors in FIERY’s December 31 retained earnings balance?
A 105.
The condensed Income statement of Chris Co. for the year ended December 31 , 2021 presented below: Chris Co. Income Statement For the Year Ended December 31, 2021 Sales 1,000,000 Cost of goods sold 600,000 400,000 Gross income Operating expenses 150,000 250,000 Net income An examination of the company records shows the following errors must be corrected : • December 31 , 2021 inventory is understated by: P31,000. Accrued expenses of P4,000 and prepaid expenses of P6,000 were not recognized in the company's books . The company employs the expense method in accounting for prepayments. • Sales of P5,000 were not recorded until January 2022 , although the goods were shipped in December 31, 2021, and were excluded from the December 31 physical inventory. Purchases of P30,000 made in December 31 , 2021, were not recorded although the goods were received and properly included in the December 31, physical inventory. A machine was sold for P10,000 on July 1 2021, and the proceeds were credited…