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Navajo Companys financial statements show the following The company .pdf

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Navajo Company discovered errors in its physical inventory counts for Year 1 and Year 2. Year 1 ending inventory was understated by $69,000 and Year 2 ending inventory was overstated by $39,000. The document asks to prepare a table showing the adjustments needed to correct the reported financial statement figures for Years 1, 2 and 3, and to calculate the total error in net income over the three-year period due to the inventory errors.

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Navajo Company's financial statements show the following The company recently discovered that in making physical counts of inventory. it had made the following errors. Year 1 ending inventory is understated by $69,000, and Year 2 ending inventory is overstated by $39.000 Required: 1. For each key financial statement figure- ( (b). (b),(c), and ( ( b) below-prepore a table to show the adjustments necessary to carrect the reported amounts 2. What is the total error in combined net income for the three-yeor period reculting from the inventory errors? For each key financial statement figure- (a),(b),(c), and (d) below-prepare a table to show the adjustments necessary to correct the reported amounts. (Amounts to be deducted must be entered with a minus sign.) Complete this question by entering your answers in the tabs below. What is the error in total net income for the combined three-year period resulting from the inventory errons

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Navajo Companys financial statements show the following The company .pdf

  • 1. Navajo Company's financial statements show the following The company recently discovered that in making physical counts of inventory. it had made the following errors. Year 1 ending inventory is understated by $69,000, and Year 2 ending inventory is overstated by $39.000 Required: 1. For each key financial statement figure- ( (b). (b),(c), and ( ( b) below-prepore a table to show the adjustments necessary to carrect the reported amounts 2. What is the total error in combined net income for the three-yeor period reculting from the inventory errors? For each key financial statement figure- (a),(b),(c), and (d) below-prepare a table to show the adjustments necessary to correct the reported amounts. (Amounts to be deducted must be entered with a minus sign.) Complete this question by entering your answers in the tabs below. What is the error in total net income for the combined three-year period resulting from the inventory errons