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1. The 2014 net income should increase by $220,000 due to correcting errors from prior years. The 2013 net income should be reduced by $220,000. The net effect of the errors on 2013 and 2014 working capital is a $220,000 increase. 2. The corrected net income of the company is $980,000 (net of 30% tax on $1,400,000). If the same errors are discovered in the next year, net income should be adjusted upward by $105,000. 3. The original cost of the equipment was $400,000. The accumulated depreciation as of De

Author

Gloria Beltran

Language

EN