The annual reported income for Salazar Company for the years 20092012 is shown here. However, a review
Question:
The annual reported income for Salazar Company for the years 2009–2012 is shown here. However, a review of the inventory records reveals inventory misstatements.
Required:
Using the data provided, calculate the correct net income for each year.
Transcribed Image Text:
2009 2010 20112012 $30,000 $40,000 $35,000 $45,000 2,000 Inventory overstatement, end of year Inventory understatement, end of year 3,000 4,000 1,000
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Related Book For
Accounting concepts and applications
ISBN: 978-0538745482
11th Edition
Authors: Albrecht Stice, Stice Swain
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