“Present your solution to the
following problem in an Excel document.
The 2009 and 2010 financial statements of Daffney Company contain the following errors:

The ending inventory was
overstated by $10,000 on December 31, 2009 and overstated by $7,000 on December
31, 2010.
A four-year insurance policy
which cost $22,000 was charged to insurance expense when it was paid in
advance on January 1, 2009.
Depreciation for equipment in
the amount of $15,000 was not included in the 2009 financial statements.
A new roof and windows in the
amount of $30,000 which are classified as capital expenditures were
charged to expense in 2009 for a building. In turn, this caused
depreciation in the amount of $5000, which was not recorded in the
financial statements for 2010.
There were $10,000 of wages
earned by employees in 2009 and not paid until 2010; these were recorded
as an expense in 2009 instead of 2010.

Daffney Company reported net income
of $100,000 in 2009 and $110,000 in 2010.
Please prepare a schedule in Excel
to correct the net income for 2009 and 2010. Please start the schedule with the
reported income for 2009 and 2010 and then work to a corrected figure. For this
exercise, do not pay attention to income taxes.Present your solution to the
following problem in an Excel document. The 2009 and 2010 financial
statements of Daffney Company contain the following errors:Daffney Company reported net income
of $100,000 in 2009 and $110,000 in 2010.Please prepare a schedule in Excel
to correct the net income for 2009 and 2010. Please start the schedule with the
reported income for 2009 and 2010 and then work to a corrected figure. For this
exercise, do not pay attention to income taxes.”