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Two separate errors affected Dryer Shirts in 20X4. The beginning inventory was overstated by $17,000 and the ending inventory was overstated by $23,000. Ignoring taxes, net income in 20X4 will be:
a. overstated by $40,000 b. understated by $23,000 c. overstated by $23,000 d. overstated by $6,000 e. understated by $40,000 Why is the answer d can someone explain? thanks.
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These are the only repairs required in 2010 for this copier. Based on experience, Lee expects to incur warranty costs equal to 3% of dollar sales. It records warranty expense with an adjusting entry at the end of each year
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Using the percentage of receivables method for recording bad debts expense, estimated uncollectible accounts are $25,000 at the end of the year. If the balance of the Allowance for Doubtful Accounts is $8,000 debit before adjustment; what is the a..
The records of Everyday Electronics Corporation for a particular period include the following: Average total assets $760,000 Average total liabilities 485,000 Total revenue 200,500 Total expenses (including income tax) 135,000 What is the return o..
packo company acquired all the voting stock of sennett corporation on january 1 2010 for 90000 when sennett had capital
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