The City Store Reported the Following Amounts on Their Financial

Essay

The City Store reported the following amounts on their financial statements for 2009, 2010 and 2011:
$$\begin{array} { | l | r | r | r | } \hline & { \text { For the year ended December } 31 } \\\hline & 2009 & 2010 & 2011 \\\hline \text { Cost of goods sold } & \$ 75,000 & \$ 87,000 & \$ 77,000 \\\hline \text { Net income } & 22,000 & 25,000 & 21,000 \\\hline \text { Total current assets } & 155,000 & 165,000 & 110,000 \\\hline \text { Equity } & 287,000 & 295,000 & 304,000 \\\hline\end{array}$$
It was discovered early in 2012 that the ending inventory on December 31, 2009 was overstated by $6,000 and the ending inventory on December 31, 2010 was understated by $2,500. The ending inventory on December 31, 2011 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 2009, 2010 and 2011.