Columbia Video Sales Ltd. reported the following data.
Question and Solution
Columbia Video Sales Ltd. reported the following data. The shareholders are very happy with Columbia's steady increase
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Columbia Video Sales Ltd. reported the following data. The shareholders are very happy with Columbia's steady increase in net income. Auditors discovered that the ending inventory for 2015 was understated by $1 million and that the ending inventory for 2016 was also understated by $1 million. The ending inventory for 2017 was correct. Requirements 1. Show corrected income statements for each of the three years. 2. How much did these assumed corrections add to or take away from Columbia's total net income over the three-year period? How did the corrections affect the trend of net income? 3. Will Columbia's shareholders still be happy with the company's trend of net income? Give the reason for your answer.
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