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Shetland Company reported net income on the year-end financial statements of $125,000. However, errors in inventory were discovered after the reports were issued. If inventory
- Shetland Company reported net income on the year-end financial statements of $125,000. However, errors in inventory were discovered after the reports were issued. If inventory was understated by $15,000, how much net income did the company actually earn?
| Net income | |
| + Add back to adjust for excess COGS deducted | |
| Net income |
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Accounting Principles Volume 1
Authors: Jerry A. Weygandt, Paul D. Kimmel, Donald E. Kieso
11th Edition
1118751752, 978-1118751756
