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Vance Company reported net incomes for a three-year period as follows:2013, $191,000; 2014, $199,000; 2015, $180,000.In reviewing the accounts in 2016 after the books for the prior year have been closed, you find that the following errors have been made in summarizing activities:
Instructions
(a) Determine corrected net incomes for 2013, 2014, and 2015.
(b) Give the entry to bring the books of the company up to date in 2016, assuming that the books have been closed for 2015.
American Revolution
A colonial revolt that took place between 1765 and 1783, in which the Thirteen American Colonies won independence from Great Britain, becoming the United States of America.
Property Qualification
Historical voting or office-holding requirement that mandated individuals own a certain amount of property or land to participate in the political process.
Suffrage
The right to vote in political elections, often highlighted in historical contexts around movements to extend this right to various groups.
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Suggestively associated with the concept or state of being free, possibly pertaining to movements, ideologies, or historical events advocating for liberty.
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