Problem
The net income per books of Monty Company was determined without knowledge of the errors indicated below.
|
Year
|
Net Income
per Books
|
Error in Ending
Inventory
|
|
2012
|
$45,900
|
Overstated
|
$ 2,920
|
|
2013
|
47,840
|
Overstated
|
8,610
|
|
2014
|
49,760
|
Understated
|
10,040
|
|
2015
|
51,730
|
No error
|
|
|
2016
|
53,640
|
Understated
|
1,980
|
|
2017
|
55,640
|
Overstated
|
7,640
|
Prepare a worksheet to show the adjusted net income figure for each of the 6 years after taking into account the inventory errors.