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In 2024, Waterway International, Incorporated's controller discovered that ending inventories for 2022 and 2023 were overstated by $310,000 and $610,000, respectively. Determine the effect
In 2024, Waterway International, Incorporated's controller discovered that ending inventories for 2022 and 2023 were overstated by $310,000 and $610,000, respectively. Determine the effect of the errors on retained earnings at January 1, 2024. (Ignore income taxes.) Retained earnings would be
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Intermediate Accounting
Authors: David Spiceland
11th Edition
1264134525, 9781264134526
