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Due to a clerical error a company overstated by 50000 the

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Due to a clerical error, a company overstated by $50,000 the amount of inventory on hand at the end of the year. Will net income for the year be overstatd or understated? Identify the two accounts on the year end balance sheet that will be in error and indicate whether they will be understated or overstated.

Reference no: EM13607447

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