Please dont give images in solutions thank you Sunland Company has had issues counting its inventory over the last several years. Assuming that the 2022 inventory was correct, the following information was gathered.Year Net IncomeError in Inventory$125,800Understated by $17,900$188,000 Understated by $6,000$146,000Correct$139,200 Overstated by $13,200$194,600 Overstated by $8,20020232024202520262027Prepare a schedule showing the adjusted net income figure for each year after considering the inventory errors. Ignore the effect of income taxes.Year20232024202520262027$Net Income Per BooksAdd Overstatement Jan. 1 Deduct Understatement Jan.1 Deduct Overstatement Dec. 31 Add Understatement Dec.31$$$$$$$Corrected Net Income

Inventory management is the accounting of goods, components, and raw materials that a business…

Sunland Company has had issues counting its inventory over the last several years. Assuming that the 2022 inventory was correct, the following information was gathered. Year Net Income 2023 $125,800 2024 2025 2026 2027 Prepare a schedule showing the adjusted net income figure for each year after considering the inventory errors. Ignore the effect of income taxes. Year 2023 2024 2025 Error in Inventory Understated by $17,900 $188,000 Understated by $6,000 $146,000 Correct $139,200 Overstated by $13,200 $194,600 Overstated by $8,200 2026 2027 $ Net Income Per Books Add Overstatement Jan. 1 Deduct Understatement Jan.1 Deduct Overstatement Dec. 31 Add Understatement Dec.31 $ $ $ $ $ $ $ Corrected Net Income

Sunland Company has had issues counting its inventory over the last several years. Assuming that the 2022 inventory was correct, the following information was gathered. Year Net Income 2023 $125,800 2024 2025 2026 2027 Prepare a schedule showing the adjusted net income figure for each year after considering the inventory errors. Ignore the effect of income taxes. Year 2023 2024 2025 Error in Inventory Understated by $17,900 $188,000 Understated by $6,000 $146,000 Correct $139,200 Overstated by $13,200 $194,600 Overstated by $8,200 2026 2027 $ Net Income Per Books Add Overstatement Jan. 1 Deduct Understatement Jan.1 Deduct Overstatement Dec. 31 Add Understatement Dec.31 $ $ $ $ $ $ $ Corrected 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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