05 Navajo Company\'s financial statements show the following. The company recent

Question

05 Navajo Company's financial statements show the following. The company recently discovered that in maki understated by $64,000, and inventory on December 31, 2016, is overstated by $34,000. For Year 2015 $ 739,000 969,000 804,000 264,000 (a) Cost of goods sold (b) Net income (c) Total current assets (d) Total equity 289,000 282,000 1,261,000 1,374,000 1,401,000 1,594,000 ,259,000 Required: 1. For each key financial statement figure-(a), (b). (c), and (d) below-prepare a table to show the adjustm minus sign.) 2015 2016 Reported amount Adjustments for: 12/31/2015 error 12/31/2016 error Corrected amount Net I 2015 2016 2017 Reported amount for. 127312015 error 2/31/2016 error Corrected amount Total Current Assets 2015 2016 2017 Reported amount 12/31/2015 error 12/31/2016 error Corrected amount

Explanation / Answer

cost of goods sold 2015 2016 2017 Reported amount 739000 969000 804000 Adjustment for 12/31/2015 error (64000) 64000 12/31/2016 error 34000 corrected amount 675000 999000 804000 Net Income 2015 2016 2017 Reported amount 282000 289000 264000 Adjustment for 12/31/2015 error 64000 64000 12/31/2016 error (34000) corrected amount 346000 319000 264000 Total current asset 2015 2016 2017 Reported amount 1261000 1374000 1244000 Adjustment for 12/31/2015 error 64000 12/31/2016 error (34000) corrected amount 1325000 1340000 1244000

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