Fennick Company reports net income of $92,000 in 2025. However, ending inventory was understated by $7,000. What

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Fennick Company reports net income of $92,000 in 2025. However, ending inventory was understated by $7,000. What is the correct net income for 2025? What effect, if any, will this error have on total assets as reported in the balance sheet at December 31, 2025?

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Accounting Tools For Business Decision Making

ISBN: 9781119791058

8th Edition

Authors: Paul D. Kimmel,  Jerry J. Weygandt,  Jill E. Mitchell

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