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2016 2017 Sales $75,000 $90,000 Cost of Goods Sold 45,000 54,000 Gross Profit $30,000 $36,000 Operating Expense 15,000 15,000 Net Income $15,000 $21,000 Compute the
| 2016 | 2017 | ||||
| Sales | $75,000 | $90,000 | |||
| Cost of Goods Sold | 45,000 | 54,000 | |||
| Gross Profit | $30,000 | $36,000 | |||
| Operating Expense | 15,000 | 15,000 | |||
| Net Income | $15,000 | $21,000 |
Compute the corrected net income for 2016 and 2017 assuming that the inventory as of the end of 2016 was mistakenly understated by $7,000.
| 2016 | 2017 | ||||
| Corrected net income | $ |
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Pioneers Of Critical Accounting A Celebration Of The Life Of Tony Lowe
Authors: Jim Haslam, Prem Sikka
1st Edition
113754211X, 9781137542113
