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Problem
Shockley Co. reported the following amounts in its financial statements:
Financial Statements for Year Ended December
2017
2018
2019
(a)
Cost of goods sold
$ 740,000
$ 872,000
$ 795,000
(b)
Profit
245,000
300,000
256,000
(c)
Total current assets
1,205,000
1,315,000
1,150,000
(d)
Equity
1,337,000
1,480,000
1,282,000
In making the physical counts of inventory, the following errors were made:
• Inventory on December 31, 2017: understated $75,000• Inventory on December 31, 2018: overstated $27,000
For each of the preceding financial statement items-(a), (b), (c), and (d)-prepare a schedule similar to the following and show the adjustments that would have been necessary to correct the reported amounts. (Negative answers should be indicated by a minus sign.)
I've attached the answer table. How do I calculate the adjustments?
Attachment:- Calculate-Table.rar
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