How this correction would affect the firms cash

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Reference no: EM133538051

Question: Suppose that the firm had underestimated its expenses by omitting depreciation expenses $140,000, it turns out. That is, the firm should have reported $340,000 as "Various expenses", including depreciation. Recall that depreciation expense is a noncash expense (i.e., no cash outflow involved). Requited: Recalculate (i) net income with the corrected amount of expenses. In addition, determine ii) how this correction would affect the firm's cash available at the end of FY 2050 (i.e., increase or decrease, no calculation needed).

Reference no: EM133538051

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