Question
For calendar 2014, Gomez Corporation reported pre-tax income of $70,000. A recount of the company's inventory revealed that 2014 ending inventory was overstated by $10,000.
For calendar 2014, Gomez Corporation reported pre-tax income of $70,000. A recount of the company's inventory revealed that 2014 ending inventory was overstated by $10,000. What is Gomez's corrected pre-tax income for 2014?
a) $60,000
b) $80,000
c) $70,000
d) $75,000
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Financial Accounting
Authors: Dr Carl S. Warren, Dr James M. Reeve, Philip E. Fess
9th Edition
032418803X, 978-0324188035
