The net income per books of Linda Patrick Company was determined without knowledge of the...
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The net income per books of Linda Patrick Company was determined without knowledge of the errors indicated below. Year Net Income per Books Error in Ending Inventory 2009 $62,100 Overstated $ 3,770 2010 64,150 Overstated 9,080 2011 66,300 Understated 11,390 2012 68,430 No error 2013 70,620 Understated 2,950 2014 72,680 Overstated 8,490 Prepare a worksheet to show the adjusted net income figure for each of the 6 years after taking into account the inventory errors. Errors in Inventories Year Net Income Per Books Add Overstatement Jan. 1 Deduct Understatement Jan. 1 Deduct Overstatement Dec. 31 Add Understatement Dec. 31 Corrected Net Income 2009 $62,100 $ $ $ $ $ 2010 64,150 2011 66,300 2012 68,430 2013 70,620 2014 72,680 $ $
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