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Compute the effect this error had on the net income

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Reference no: EM133123530

Question - The Schubert Company has a calendar-year accounting period. The following error was discovered in April of 2019. This error would have affected the financial statements for 2017 and 2018. The ending balance in the inventory had been understated at 12/31/2017 by $100,000.

Required -

(i) Compute the effect this error had on the 2018 net income.

(ii) Compute the effect, if any, each error had on the December 31, 2017 balance sheet items.

Reference no: EM133123530

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