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...

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.

Prepare a worksheet to show the adjusted net income figure for each year from 2017 to 2021 after taking into account the inventory

Extracted text: Errors in Inventories Net Income Overstatement Understatement Overstatement Year Per Books Jan. 1 Jan. 1 Dec. 31 2017 $ 180,000 $ 2018 93,000 2019 108,000 2020 218,000 2021 97,000 $ %24 %24 %24


Extracted text: Errors in Inventories Understatement Overstatement Understatement Corrected Net Jan. 1 Dec. 31 Dec. 31 Income $4 %24 %24 %24 %24