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Hello need help with this whole thing. Please show work and answers thanks ! 6. The City Store reported the following amounts on their financial
Hello need help with this whole thing. Please show work and answers thanks !
6. The City Store reported the following amounts on their financial statements for Year 1, Year 2 and Year 3: Year1 Year 2 Year 3 Cost of goods sod5,000 $87,000 $77,000 Net income ..s 22,000 $25,000 $21,000 Total current assets....$155,000 $165,000 $110,000 ul It was discovered early in Year 4 that the ending inventory on December 31, Year 1 was overstated by $6000, and the ending inventory on December 31, Year 2 was understated by $2,500. The ending inventory on December 31, Year 3 was correct. Ignoring income taxes Step by Step Solution
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