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By the Bay Marine Supply reported the following comparative income statements for the years ended November 2016, and 2015: By the Bay's president and shareholders
By the Bay Marine Supply reported the following comparative income statements for the years ended November 2016, and 2015: By the Bay's president and shareholders are thrilled by the company's boost in sales and net income during 2016. Then the accountants for the company discover that ending 2015 inventory-was understated by $9,000. Prepare the corrected comparative income statements for the two-year period, complete with a heading for the statements. How well did By the Bay Marine Supply really perform in 2016 as compared with 2015
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