Albert Company discovers in 2025 that its ending inventory at December 31, 2024, was $5,000 understated. What

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Albert Company discovers in 2025 that its ending inventory at December 31, 2024, was $5,000 understated. What effect will this error have on 

(a) 2024 net income

(b) 2025 net income

(c) The combined net income for the 2 years?

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Accounting Tools For Business Decision Making

ISBN: 9781119791058

8th Edition

Authors: Paul D. Kimmel,  Jerry J. Weygandt,  Jill E. Mitchell

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