The 2010 and 2011 financial statements for Teresa Company had the following errors:
Teresa Company had reported net income of $90, 000 in 2010 and $95, 000 in 2011.
Required:
Prepare a schedule to determine the correct net income for 2010 and 2011.Begin the schedule with reported net income for 2010 and 2011 and work to a corrected figure.Ignore income taxes.

Question

The 2010 and 2011 financial statements for Teresa Company had the following errors:
  Teresa Company had reported net income of $90, 000 in 2010 and $95, 000 in 2011.
Required:
Prepare a schedule to determine the correct net income for 2010 and 2011.Begin the schedule with reported net income for 2010 and 2011 and work to a corrected figure.Ignore income taxes.

Quizplus · Accepted Answer

The Answer of The 2010 and 2011 financial statements for Teresa Company had the following errors:
  Teresa Company had reported net income of $90, 000 in 2010 and $95, 000 in 2011.
Required:
Prepare a schedule to determine the correct net income for 2010 and 2011.Begin the schedule with reported net income for 2010 and 2011 and work to a corrected figure.Ignore income taxes.

The 2010 and 2011 Financial Statements for Teresa Company Had