Princeton Corp. reported the following amounts on their financial statements for Year 1, Year 2, and Year 3: For the year ended December 31 Year 1 Year 2 Year 3 Cost of goods sold 350,000 430,000 286,000 Net income 105,000 212,000 187,000 Total current assets 650,000 765,000 653,000 Equity 1,350,000 1,670,000 1,715,000 After Year 3, it was discovered that the ending inventory on December 31, Year 1 was overstated by Php 12,000, and the ending inventory on December 31, Year 2 was understated by Php 8,000. The ending inventory on December 31, Year 3 was understated by Php 23,000. Ignoring income taxes determine the correct amounts of cost of goods sold, net income, total current assets, and equity for each of the years Year 1, Year 2, and Year 3.

Princeton Corp. reported the following amounts on their financial statements for Year 1, Year 2, and Year 3: For the year ended December 31 Year 1 Year 2 Year 3 Cost of goods sold 350,000 430,000 286,000 Net income 105,000 212,000 187,000 Total current assets 650,000 765,000 653,000 Equity 1,350,000 1,670,000 1,715,000 After Year 3, it was discovered that the ending inventory on December 31, Year 1 was overstated by Php 12,000, and the ending inventory on December 31, Year 2 was understated by Php 8,000. The ending inventory on December 31, Year 3 was understated by Php 23,000. Ignoring income taxes determine the correct amounts of cost of goods sold, net income, total current assets, and equity for each of the years Year 1, Year 2, and Year 3.

Name: Princeton Corp. reported the following amounts on their financial sta
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Description: Princeton Corp. reported the following amounts on their financial statements for Year 1, Year 2, and Year 3:For the year ended December 31Year 1Year 2Year 3Cost of goods sold350,000430,000286,000Net income105,000212,000187,000Total current assets650

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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