Armual income for the Stoker Co. for the period 1998-2002 appears below. However, a review of the
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Armual income for the Stoker Co. for the period 1998-2002 appears below. However, a review of the records for the company reveals inventory misstatements as listed.Calculate corrected net income for each year.
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1998 1999 2000 2001 2002 Reported net income (loss). $18,000 $13,000 $2,000 $ (5,800) $16,000 Inventory overstatement, end of year. 5,500 3,600 Inventory understatement, end of year. 4,500 10,500
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Related Book For
Intermediate Accounting
ISBN: 9780324013078
14th Edition
Authors: Fred Skousen, James Stice, Earl Kay Stice
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