Simon Granite & Stone Corporation reported the following comparative income statements for the years ended September 30,
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Simon Granite & Stone Corporation reported the following comparative income statements for the years ended September 30, 2018, and 2017:
Simon’s president and shareholders are thrilled by the company’s boost in sales and net income during 2018. Then the accountants for the company discover that ending 2017 inventory was understated by $6,000. Prepare the corrected comparative income statements for the two-year period, complete with a heading for the statements. How well did Simon really perform in 2018 as compared with 2017?
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Related Book For
Financial Accounting
ISBN: 978-0134725987
12th edition
Authors: C. William Thomas, Wendy M. Tietz, Walter T. Harrison Jr.
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