The Community Store reported the following amounts on their financial statements for Year 1, Year 2, and Year 3: ?For the year ended December 31?Year 1Year 2Year 3Cost of goods sold$75,000$87,000$77,000Net income22,00025,00021,000Total current assets155,000165,000110,000Equity287,000295,000304,000It was discovered early in Year 4 that the ending inventory on December 31, Year 1 was overstated by $6,000, and the ending inventory on December 31, Year 2 was understated by $2,500. The ending inventory on December 31, Year 3 was correct. Ignoring income taxes determine the correct amounts of cost of goods sold, net income, total current assets, and equity for each of the years Year 1, Year 2, and Year 3.
What will be an ideal response?
| ? | For the year ended December 31 | ||
| ? | Year 1 | Year 2 | Year 3 |
| Cost of goods sold | $81,000 | $78,500 | $79,500 |
| Net income | 16,000 | 33,500 | 18,500 |
| Total current assets | 149,000 | 167,500 | 110,000 |
| Equity | 281,000 | 297,500 | 304,000 |
Business
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