The Community Store Reported the Following Amounts on Their Financial

question 120

Essay

The Community Store reported the following amounts on their financial statements for Year 1,Year 2,and Year 3:
It was discovered early in Year 4 that the ending inventory on December 31,Year 1 was overstated by $6,000,and the ending inventory on December 31,Year 2 was understated by $2,500.The ending inventory on December 31,Year 3 was correct.Ignoring income taxes determine the correct amounts of cost of goods sold,net income,total current assets,and equity for each of the years Year 1,Year 2,and Year 3.

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Definitions:

Blood Vessels

The network of arteries, veins, and capillaries that circulate blood throughout the body, supplying oxygen and nutrients while removing waste.

Stomach

A digestive organ in the body that breaks down food using stomach acids and enzymes.

Cardiorespiratory Fitness

A measure of the efficiency of the heart and lungs to transport oxygen to the muscles during prolonged physical activity.

Talk Test

A method used to gauge exercise intensity by measuring the ease with which one can speak during physical activity.