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Give the effect of each error in the net assets

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Reference no: EM132702792

Apan Company reported net income for a two-year period as follows:

2X14 - 120,000

2X15 - 180,000

In an audit of the statement for the year ended December 31, 2X14, the following errors were discovered:

  • Advances to the supplier in 2X14 were recorded as purchases, but the merchandise was received in the following year, P20,000
  • Advances from the customer in 2X14 recorded as sales in 2X14, but the goods were delivered in the following year, P50,000
  • On December 31, 2X14, the ending inventory was overstated by P25,000.

Required: Solve for the following

Problem 1. Adjusted

a. Net income for 2X14

b. Net income for 2X15

c. Retained earnings 2X14

Problem 2. Give the effect of each error in the 2X14 net assets.

Problem 3. Prepare adjusting entries assuming errors were discovered in:

a. 2X14

b. 2X15

c. 2X16

Reference no: EM132702792

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