Question

Natural Bite Grocery reported the following comparative income statements for the years ended June 30, 2017 and 2016:
During 2017, Natural Bite discovered that ending 2016 merchandise inventory was overstated by $5,000.
Requirements
1. Prepare corrected income statements for the two years.
2. State whether each year’s net income—before your corrections—is understated or overstated, and indicate the amount of the understatement or overstatement.


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  • CreatedJune 12, 2015
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