Doubletree Company's financial statements show the following. The company recently discovered that in making physical...
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Doubletree Company's financial statements show the following. The company recently discovered that in making physical counts of inventory, it had made the following errors: Inventory on December 31, 2010, is understated by $54,000, and inventory on December 31, 2011, is overstated by $24,000. 2010 For Year Ended December 31 (a) Cost of goods sold (b) Net profit (c) Total current assets (d) Total equity 2011 $ 729,000 $ 959,000 $ 794,000 272,000 279,000 254,000 1,251,000 1,364,000 1,234,000 1,391,000 1,584,000 1,249,000 2012 Required: 1. For each key financial statement figure-(a), (b), (c), and (d) above-prepare a table to show the adjustments necessary to correct the reported amounts. (Amounts to be deducted should be indicated with a minus sign. Leave no cells blank-be certain to enter "O" wherever required. Omit the "$" sign in your response.)
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