Rome Restaurants, Inc. reports net income of $90,000 in 2004. However, ending inventory was understated $5,000. What

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Rome Restaurants, Inc. reports net income of $90,000 in 2004. However, ending inventory was understated $5,000. What is the correct net income for 2004? What effect, if any, will this error have on total assets as reported in the balance sheet at December 31, 2004? LO6

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Hospitality Financial Accounting

ISBN: 9780471270553

1st Edition

Authors: Jerry J Weygandt, Donald E Kieso, Paul D Kimmel, Agnes L DeFranco

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