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1. Bienvenu Enterprises reported cost of goods sold for 2010 of $1,400,000 and retained earnings of $5,200,000 at December 31, 2010. Bienvenu later discovered that its ending inventories at December 31, 2009 and 2010, were overstated by $110,000 and $35,000, respectively. Determine the corrected amounts for 2010 cost of goods sold and December 31, 2010, retained earnings
Issue: What are the consequences of this transaction to Corporation Z and the XYZ Partnership? What are the Law implications in this analysis? Which conclusions did you arrive at?
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for the year ended december 31 southern supply had net sales of 7910000 costs and other expenses including income tax
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