Myrtle Bay Marine Supply reported the following comparative income statements for the years ended June 30, 2012,
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Myrtle Bays president and shareholders are thrilled by the companys boost in sales and net income during 2012. Then the accountants for the company discover that ending 2011 inventory was understated by $7,500. Prepare the corrected comparative income statements for the two-year period, complete with a heading for the statements. How well did Myrtle Bay really perform in 2012 as compared with2011?
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Related Book For
Financial accounting
ISBN: 978-0132751124
9th edition
Authors: Walter T. Harrison Jr., Charles T. Horngren, C. William Thom
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