Fennick Company reports net income of $92,000 in 2017. However, ending inventory was understated by $7,000. What
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Fennick Company reports net income of $92,000 in 2017. However, ending inventory was understated by $7,000. What is the correct net income for 2017? What effect, if any, will this error have on total assets as reported in the balance sheet at December 31, 2017?
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Related Book For 
Financial Accounting Tools For Business Decision Making
ISBN: 9781119316022
8th Edition
Authors: Donald E. Kieso, Paul D. Kimmel, Jerry J. Weygandt
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