The statements of earnings for Pruitt Company summarized for a four-year period show the following (amounts in thousands ofdollars):2024Sales revenue2023$2,825 $3,2501,905 2,027Cost of salesGross profit920M. T1,223Operating expenses570593Pretax earnings350Income tax expense (40%)630252140Net earnings$ 210 $ 378 $ 420Sales revenueCost of salesGross profitOperating expensesPretax earningsIncome tax expenseNet earnings2022$3,5002,1821,318618700280An audit revealed that in determining these amounts, the ending inventory for 2022 was understated by $38.Paun-ship and ug2024Required:1. Revise these statements of earnings to reflect the correct amounts. (Do not round intermediate calculations. Round the finalanswers to the nearest dollar amount.)"anne om dPRUITT COMPANYCorrected Statement of Earnings20232021$3,7752,5131,2626226402563842022$< Prev20212 of 3Next >

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The statements of earnings for Pruitt Company summarized for a four-year period show the following (amounts in thousands of dollars): Sales revenue Cost of sales Gross profit Operating expenses Pretax earnings Income tax expense (40%) Net earnings 2022 2024 2023 $2,825 $3,250 $3,500 1,905 2,027 2,182 1,223 1,318 593 618 630 700 252 280 $ 378 $ 420 920 570 350 140 $ 210 2021 $3,775 2,513 1,262 622 640 256 $ 384 An audit revealed that in determining these amounts, the ending inventory for 2022 was understated by $38. Required: 1. Revise these statements of earnings to reflect the correct amounts. (Do not round intermediate calculations. Round the final answers to the nearest dollar amount.)

The statements of earnings for Pruitt Company summarized for a four-year period show the following (amounts in thousands of dollars): Sales revenue Cost of sales Gross profit Operating expenses Pretax earnings Income tax expense (40%) Net earnings 2022 2024 2023 $2,825 $3,250 $3,500 1,905 2,027 2,182 1,223 1,318 593 618 630 700 252 280 $ 378 $ 420 920 570 350 140 $ 210 2021 $3,775 2,513 1,262 622 640 256 $ 384 An audit revealed that in determining these amounts, the ending inventory for 2022 was understated by $38. Required: 1. Revise these statements of earnings to reflect the correct amounts. (Do not round intermediate calculations. Round the final answers to the nearest dollar amount.)

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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