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The 2010 and 2011 Financial Statements for Teresa Company Had

Question 66

Essay

The 2010 and 2011 financial statements for Teresa Company had the following errors:
The 2010 and 2011 financial statements for Teresa Company had the following errors: Teresa Company had reported net income of $90, 000 in 2010 and $95, 000 in 2011. Required: Prepare a schedule to determine the correct net income for 2010 and 2011.Begin the schedule with reported net income for 2010 and 2011 and work to a corrected figure.Ignore income taxes. Teresa Company had reported net income of $90, 000 in 2010 and $95, 000 in 2011.
Required:
Prepare a schedule to determine the correct net income for 2010 and 2011.Begin the schedule with reported net income for 2010 and 2011 and work to a corrected figure.Ignore income taxes.

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