Question
ABC Inc. reported a pre-tax income of $ 768000 for 2020. However, the company and its auditors subsequently discovered the following errors in thevaluation of
ABC Inc. reported a pre-tax income of $ 768000 for 2020. However, the company and its auditors subsequently discovered the following errors in thevaluation of inventory.
2020 Opening inventory Amount Reported 54000
Correct Amount 44000
2020 Closing inventory Amount Reported 56000
Correct Amount 50000
Calculate the proper amount of pre-tax income for 2020.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Financial Accounting The Impact on Decision Makers
Authors: Gary A. Porter, Curtis L. Norton
9th edition
ISBN: 130565417X, 1305654174, 9781285972572 , 978-1285182964
