29 Jan Inventory ErrorThe following highly condensed inco
Inventory ErrorThe following highly condensed income statements and balance sheets are available forBudget Stores for a two-year period. (All amounts are stated in thousands of dollars.)Before releasing the 2008 annual report, Budget’s controller learns that the inventory of one of thestores (amounting to $600,000) was inadvertently omitted from the count on December 31,2007. The inventory of the store was correctly included in the December 31, 2008, count.Required1. Prepare revised income statements and balance sheets for Budget Stores for each of the twoyears. Ignore the effect of income taxes.2. If Budget did not prepare revised statements before releasing the 2008 annual report, whatwould be the amount of overstatement or understatement of net income for the two-yearperiod? What would be the overstatement or understatement of retained earnings at December31, 2008, if revised statements were not prepared?3. Given your answers in (2), does it matter if Budget bothers to restate the financial statementsof the two years to rectify the error? Explain your answer.
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