Vance Company reported net incomes for a three-year period as follows:2013, $191,000; 2014, $199,000; 2015, $180,000.In reviewing the accounts in 2016 after the books for the prior year have been closed, you find that the following errors have been made in summarizing activities:
Instructions
(a) Determine corrected net incomes for 2013, 2014, and 2015.
(b) Give the entry to bring the books of the company up to date in 2016, assuming that the books have been closed for 2015.

Question

Vance Company reported net incomes for a three-year period as follows:2013, $191,000; 2014, $199,000; 2015, $180,000.In reviewing the accounts in 2016 after the books for the prior year have been closed, you find that the following errors have been made in summarizing activities:  
Instructions
(a) Determine corrected net incomes for 2013, 2014, and 2015.
(b) Give the entry to bring the books of the company up to date in 2016, assuming that the books have been closed for 2015.

Quizplus · Accepted Answer

The Answer of Vance Company reported net incomes for a three-year period as follows:2013, $191,000; 2014, $199,000; 2015, $180,000.In reviewing the accounts in 2016 after the books for the prior year have been closed, you find that the following errors have been made in summarizing activities:  
Instructions
(a) Determine corrected net incomes for 2013, 2014, and 2015.
(b) Give the entry to bring the books of the company up to date in 2016, assuming that the books have been closed for 2015.

Vance Company Reported Net Incomes for a Three-Year Period as Follows:2013