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Problem Show all computations clearly!! Ominski and Hevner Company have reported net income of $100,000 and $115,000 for the years ended 12-31-2019 and 12-31-2020 respectively.
Problem Show all computations clearly!! Ominski and Hevner Company have reported net income of $100,000 and $115,000 for the years ended 12-31-2019 and 12-31-2020 respectively. Upon an audit of the books it was discovered that the 12-31-2019 ending inventory was incorrectly valued at $35,000. It should have been valued at $45,000. The ending inventory at 12-31-2020 was correctly reported. Based on this information show the correct net income figures for 2019 and 2020. 2019 2020 Net Income as originally reported..... If the error was never found and never corrected, what can you say about the Balance Sheet (hint: accounting equation) at: (BE CLEAR!!!) 12-31-2019: 12-31-2020
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