At December 31, 2013, after preparing the financial statements, several errors were discovered. The first line in the tabulation below gives the uncorrected amounts. You are to develop the correct amount for each category on the bottom line. Enter for each item the appropriate amount(s) needed for correction; indicate deductions (i.e., subtractions) with parentheses. Assume a periodic inventory system.
Notes:
1. Some items may not involve errors.
2. You are only to correct the 2013 financial statements (do not give correcting entries).
3. Do not assume errors not specifically indicated.
4. Assume all amounts given are correct.
Income Statement for the Year ended 12/31/2003
Balance Sheet 12/31/2003

Question

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The Answer of At December 31, 2013, after preparing the financial statements, several errors were discovered. The first line in the tabulation below gives the uncorrected amounts. You are to develop the correct amount for each category on the bottom line. Enter for each item the appropriate amount(s) needed for correction; indicate deductions (i.e., subtractions) with parentheses. Assume a periodic inventory system.
Notes:
1. Some items may not involve errors.
2. You are only to correct the 2013 financial statements (do not give correcting entries).
3. Do not assume errors not specifically indicated.
4. Assume all amounts given are correct.
Income Statement for the Year ended 12/31/2003
Balance Sheet 12/31/2003

At December 31, 2013, After Preparing the Financial Statements, Several