(Inventory Errors) The net income per books of Adamson Company was determined without knowledge of the errors indicated below.
|
Year |
Net Income |
Error in Ending |
|
|
2008 |
$50,000 |
Overstated |
$5,000 |
|
2009 |
52,000 |
Overstated |
9,000 |
|
2010 |
54,000 |
Understated |
11,000 |
|
2011 |
56,000 |
No error |
|
|
2012 |
58,000 |
Understated |
2,000 |
|
2013 |
60,000 |
Overstated |
10,000 |
Instructions
Prepare a worksheet to show the adjusted net income figure for each of the 6 years after taking into account the inventory errors.