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

Question

Navajo Company's financial statements show the following. The company recently discovered that in m understated by $64,000, and inventory on December 31, 2016, is overstated by $34,000. (a) (b) (c) (d) Cost of goods sold Net income Total current assets Total equity $739,000 $969,000 804,000 282,000289,000 264,000 261,000 1,374,000 1,244,000 1,401,000 1,594,000 1,259,000 Required 1. For each key financial statement figure-(a), (b), (c), and (d) below- prepare a table to show the adju minus sign 2016 Reported amount Adjustments for 12/31/2015 error S 739,000 969,000 S 804.000 (64,000 12/31/2016 error 34,000 Corrected amount S675,000 1,067,000 804,000 15 2016 S282,000 S289,000 S 264,000 2017 Reported amount Adjustments for: 12/31/2015 error 12/31/2016 error 64.000 Corrected amount 346,000 $255,000$ 264,000 2015 Total Current Assets Reported amount Adjustments for 2016 2017 1,261,000 S 1,374,000S 1244000 12/31/2015 error 12/31/2016 error 64.000 (34.000) Corrected amount S 1,325,000 S 1.340,000 1,244.000

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 191000 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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