Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

22. Cruz Corporation reported 2019 net income of $ 80,000 . In early 2021 , the company discovered that the 2019 beginning inventory was understated

22. Cruz Corporation reported 2019 net income of $ 80,000 . In early 2021 , the company discovered that the 2019 beginning inventory was understated by $20,000, and the 2019 ending inventory was understated $ 15,000 . What should have been the correct net income if Cruz Corporation had not made the errors ? A,B,C,orD
image text in transcribed
Cruz Corporation reported 2019 net income 2019 ending inventory was understated $15,0 A. $115,000 B. $85,000 c. $75,000 D. $45,000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions

Question

Discuss the key people management challenges that Dorian faced.

Answered: 1 week ago

Question

How fast should bidder managers move into the target?

Answered: 1 week ago