The City Store Reported the Following Amounts on Their Financial

question 33

Essay

The City Store reported the following amounts on their financial statements for 2012,2013,and 2014:
It was discovered early in 2015 that the ending inventory on December 31,2012,was overstated by $6,000 and the ending inventory on December 31,2013,was understated by $2,500.The ending inventory on December 31,2014,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 2012,2013,and 2014.

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Definitions:

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