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Assignment
Doubletree Company's financial statements show the following. The company recently discovered that in making physical counts of inventory, it had made the following errors: Inventory on December 31, 2010, is understated by $54,000, and inventory on December 31, 2011, is overstated by $24,000.
For Year Ended December 31
2010
2011
2012
(a)
Cost of goods sold
$
729,000
959,000
794,000
(b)
Net profit
272,000
279,000
254,000
(c)
Total current assets
1,251,000
1,364,000
1,234,000
(d)
Total equity
1,391,000
1,584,000
1,249,000
Required:
1. For each key financial statement figure-(a), (b), (c), and (d) above-prepare a table to show the adjustments necessary to correct the reported amounts.
Cost of goods sold:
Reported amount
Adjustments for:
12/31/2010 error
12/31/2011 error
Corrected amount
Equity:
2. What is the error in total net profit for the combined three-year period resulting from the inventory errors? Explain.
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