The net income per books of Sandra Robinson Company was determined without knowledge of the errors indicated below. Net Income per Books Year 2020 2021 2022 2023 2024 2025 $48,000 49,810 51,980 53,850 55,690 57,520 Error in Ending Inventory Overstated $2,890 Overstated 8,480 Understated 11.030 No error Understated Overstated 2,025 7,480 Prepare a worksheet to show the adjusted net income figure for each of the 6 years after taking into account the inventory errors.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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The net income per books of Sandra Robinson Company was determined without knowledge of the errors indicated below.
Error in Ending
Inventory
Year
2020
2021
2022
2023
2024
2025
Year
2020
2021
Prepare a worksheet to show the adjusted net income figure for each of the 6 years after taking into account the inventory errors.
2022
2023
2024
Net Income
per Books.
2025
$48,000
49,810
51,980
53,850
55,690
57,520
$
Overstated
$2,890
Overstated
8,480
Understated 11.030
No error
Understated
Overstated
Net Income
Per Books
$48,000 $
49.810
$1,980
53,850
55,690
2,025
7,480
57.520
Overstatement
Jan. 1
$
Errors in Inventories
Understatement
Jan. 1
$
Overstatement
Dec. 31
Transcribed Image Text:The net income per books of Sandra Robinson Company was determined without knowledge of the errors indicated below. Error in Ending Inventory Year 2020 2021 2022 2023 2024 2025 Year 2020 2021 Prepare a worksheet to show the adjusted net income figure for each of the 6 years after taking into account the inventory errors. 2022 2023 2024 Net Income per Books. 2025 $48,000 49,810 51,980 53,850 55,690 57,520 $ Overstated $2,890 Overstated 8,480 Understated 11.030 No error Understated Overstated Net Income Per Books $48,000 $ 49.810 $1,980 53,850 55,690 2,025 7,480 57.520 Overstatement Jan. 1 $ Errors in Inventories Understatement Jan. 1 $ Overstatement Dec. 31
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