Information Required:
Assuming That No Corrections Were Made in Any Year

question 47

Essay

Information:
$\begin{array}{rrr}& \text { Net Income } & \text { Error in } \\\text { Year } & \text { per Books } & \text { Ending Inventory } \\2010 & \$ 75,000 & \$ 2,000 \text { Overstatement } \\2011 & 54,000 & 2,800 \text { Understatement } \\2012 & 96,000 & 1,900 \text { Overstatement }\end{array}$ Required:
Assuming that no corrections were made in any year, compute the correct income for each of the three years.

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Definitions:

Hepatic Portal

Referring to the hepatic portal vein, a blood vessel that carries blood from the gastrointestinal tract and spleen to the liver.

Hepatic Lobules

The functional units of the liver, hexagonal in shape, comprising a central vein surrounded by plates of liver cells (hepatocytes) involved in metabolic, detoxification, and secretory functions.

Digestive Organs

Structures involved in the process of digestion, including the stomach, intestines, liver, and pancreas.

Hepatic Lobule

Smaller division within the lobes of the liver.