The income statement for Pruitt Company summarized for a four-year period shows the following: 2016 2017 2018 2019 Sales revenue $ 2,038,000 $ 2,468,000 $ 2,713,000 $ 2,990,000 Cost of goods sold 1,486,000 1,611,000 1,773,000 2,107,000 Gross profit 552,000 857,000 940,000 883,000 Expenses 479,000 498,000 521,000 530,000 Pretax income 73,000 359,000 419,000 353,000 Income tax expense (40%) 29,200 143,600 167,600 141,200 Net income $ 43,800 $ 215,400 $ 251,400 $ 211,800 An audit revealed that in determining these amounts, the ending inventory for 2017 was overstated by $13,000. The company uses a periodic inventory system. Required: 1. Prepare the income statements to reflect the correct amounts, taking into consideration the inventory error.

Tiana daniels enterprise’s trial balance as at december 31, 2016 did not balance. on february 15, 2017 the following errors were detected: errorsi. water rates had been undercast by $2, 000.  ii. a cheque paid to yvonne walch of $2, 680 had been posted to the credit side of her account.  iii. discount received total of $1, 260 had been posted to the debit side of the discount allowed account as $1, 620.  iv. rent paid in the amount of $24, 000 had been posted to the credit of the rent received account.  v. wayne returned goods valuing $1, 680 to daniels enterprise but had been completely omitted from the books.    required: 1. prepare the journal entries to correct the errors.  (narrations required)                    14.5 marks  2.    prepare the suspense account showing clearly the original trial balance error.          8 marks

The simple interest in a loan of $200 at 10 percent interest per year is

Use the following account numbers and corresponding account titles to answer the following question. account no. account title (1) cash (2) merchandise inventory (3) cost of goods sold (4) transportation-out (5) dividends (6) common stock (7) selling expense (8) loss on the sale of land (9) sales which accounts would appear on the income statement?