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Question - The balance sheet of Ipod Corporation on December 31, 2024:
Ipod Corporation BALANCE SHEET AS OF DECEMBER 31, 2024
Assets
Cash
$40,000
Accounts and notes receivable
30,000
Inventory
90,000
$160,000
Liabilities and Capital
Accounts and notes payable
$20,000
Common stock
100,000
Retained earnings
40,000
These errors were made by Ipod on December 31, 2023 and were not corrected: accrued revenue of $2,100 omitted, and prepaid expense of $1,000 omitted. On December 31, 2024, the inventory was overstated $5,000 and accrued expense of $1,400 was omitted.
The net income shown by the books for 2024 was $13,200.
Required - Determine the correct 2024 Net Income?
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