Myrtle Bay Marine Supply reported the following comparative income statements for the years ended June 30, 2012,

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Myrtle Bay Marine Supply reported the following comparative income statements for the years ended June 30, 2012, and 2011:

Myrtle Bay Marine Supply reported the following comparative inco

Myrtle Bay€™s president and shareholders are thrilled by the company€™s 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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Financial accounting

ISBN: 978-0132751124

9th edition

Authors: Walter T. Harrison Jr., Charles T. Horngren, C. William Thom

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