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How calculate the corrected incomes

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Question - Blanket inc reported net incomes for the last three years as follows:

2016, $62,000

2017, $63,000

2018, $60,000

In reviewing the accounts in 2019 (after the books for the prior year had been closed), you find that the following errors have been made:

 

2016

2017

2018

Overstatement of ending inventory

$7,000

$8,500

$4,000

Understatement of accrued advertising expense

$1,100

$2,000

$1,200

Required -

A) How do you calculate the corrected incomes for 2016, 2017 and 2018?

B) Which entries would be required in 2019 to correct the books with ignoring income taxes?

Reference no: EM132438938

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