The City Store Reported the Following Amounts on Their Financial

question 86

Essay

The City Store reported the following amounts on their financial statements for 2012,2013,and 2014:
$\begin{array}{r}\quad\quad\quad\quad\quad\quad\quad\quad\quad\text { For the Year Ended December } 31\\\end{array}\\\begin{array}{|l|r|r|r|}\hline &2012 & 2013 & 2014 \\\hline \text { Cost of goods sold } & \mathbf{\$ 75,000} & \$ 87,000 & \$ 77,000 \\\hline \text { Net income } & 22,000 & 25,000 & 21,000 \\\hline \text { Total current assets } & 155,000 & 165,000 & 110,000 \\\hline \text { Equity } & 287,000 & 295,000 & 304,000 \\\hline\end{array}$

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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