ABC Company reported net income for a three-year period as follows: 2018, $180,000; 2019, $190,000; 2020, $200,000. In reviewing the accounts in 2021 after the books for the prior year have been closed, you find that the following errors have been made: 2018 2019 2020 Understatement of ending inventory $40,000 $50,000 $30,000 Understatement of depreciation expense 10,000 Required: (a) Determine corrected net income for 2018, 2019, and 2020. To earn partial credit, you need to show your calculations for each year. (b) Prepare the journal entry to bring the books of the company up to date in 2021, assuming that the books have been closed for 2020.

Over the past several years, joyce chen has been able to save regularly. as a result, today she has $54,188 in savings and investments. she wants to establish her own business in 5 years and feels she will need $100,000 to do so. a. if she can earn 6% on her money, how much will her $54,188 in savings/investments be worth in 5 years? will joyce have the $100,000 she needs? if not, how much more money will she need? b. given your answer to part a, how much will joyce have to save each year over the next 5 years to accumulate the additional money? assume she can earn interest at a rate of 6%. c. if joyce can afford to save only $4,000 a year then, given your answer to part a, will she have the $100,000 she needs to start her own business in 5 years?