Mintz Company discovers in 2010 that its ending inventory at December 31, 2009, was $7,000 understated. What

Question:

Mintz Company discovers in 2010 that its at December 31, 2009, was $7,000 understated. What effect will this error have on
(a) 2009 net income,
(b) 2010 net income, and
(c) The combined net income for the 2 years?

Ending Inventory
The ending inventory is the amount of inventory that a business is required to present on its balance sheet. It can be calculated using the ending inventory formula Ending Inventory Formula =...