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Company A reported taxable income of $73,000 for 2021. Company A later determined that purchases were overstated by $15,000 in 2021 and inventory was understated
Company A reported taxable income of $73,000 for 2021. Company A later determined that purchases were overstated by $15,000 in 2021 and inventory was understated by $ 8,000 at the end of 2021. What is the correct amount of taxable income for 2021?
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The overstated purchases of 15000 will have increased the cost of goods sold COGS by 15000 wh...
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Intermediate Accounting
Authors: Loren A Nikolai, D. Bazley and Jefferson P. Jones
10th Edition
324300980, 978-0324300987
