Revise statement of earnings to reflect correcr amounts The statements...
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Revise statement of earnings to reflect correcr amounts
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 2021 $3,725 2,355 1, 370 660 710 284 $ 426 2020 $4,150 2,477 1,673 683 990 396 $ 594 2019 $ 4,400 2,632 1,768 708 1,060 424 $ 636 2018 $4,675 2,963 1,712 712 1,000 400 $ 600 An audit revealed that in determining these amounts, the ending inventory for 2019 was understated by $56. Namun 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.) Answer is complete but not entirely correc Assessment Tool iFrame Sales revenue Cost of sales Gross profit Operating expenses Pretax earnings Income tax expense Net earnings PRUITT COMPANY Corrected Statement of Earnings 2021 2020 $ 3,725 4,150 $ 2,355 2,533 1,370 1,617 660 683 710 934 284 374 426 560 2019 4,400 $ 2,576 1,824 708 1,060 424 692 $ 2018 4,675 2,963 1,712 712 1,000 400 600
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