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Determine the correct net income

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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

$160,000

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?

Reference no: EM133117382

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