Williams Ltd reports profit of $180 000 in 2015. However, ending inventory was understated by $14 000.
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Williams Ltd reports profit of $180 000 in 2015. However, ending inventory was understated by $14 000. What is the correct profit for 2015? What effect, if any, will this error have on total assets as reported in the statement of financial position at 30 June 2015?
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answer The correct profit for 2015 would be 166 000 Thi...View the full answer
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Authors: Shirley Carlon, Rosina Mladenovic Mcalpine, Chrisann Palm, Lorena Mitrione, Ngaire Kirk, Lily Wong
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