Question
Bradley Company reported the following net income amounts: 2017, $246,000; 2018, $150,000: and 2019, $120,000. In 2020, the company discovered errors that had been made
Bradley Company reported the following net income amounts: 2017, $246,000; 2018, $150,000: and 2019, $120,000. In 2020, the company discovered errors that had been made in computing the ending inventories for 2017 and 2018, as follows:
2017 Ending inventory understated by $18,000
2018 Ending inventory understated by $21,000
Compute the correct net incomes for 2017, 2018, and 2019.
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Fundamentals of Financial Accounting
Authors: Fred Phillips, Robert Libby, Patricia Libby
5th edition
78025915, 978-1259115400, 1259115402, 978-0078025914
