ABC Co.. reported assets of $2.4 mil and netincome of $320K for the current year. ABC noted

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ABC Co.. reported assets of $2.4 mil and netincome of $320K for the current year. ABC noted that inventory was overstated by $24K at the beg. of the year (this was not corrected). What is the corrected amt. for total assets and net inc. for the year? The answer given by the professor is: $2,400,000 and $344,000, however I have no clue why this is the case. :(

Posted Date: May 18, 2024 08:10 AM

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ABC Co.. reported assets of $2.4 mil and netincome of $320K for the current year. ABC noted

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