Mila Company discovers in 1998 that its ending inventory at December 31, 1997, was ($ 5,000) understated.

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Mila Company discovers in 1998 that its ending inventory at December 31, 1997, was $\$ 5,000$ understated. What effect will this error have on

(a) 1997 net income,

(b) 1998 net income, and

(c) the combined net income for the 2 years?

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Financial Accounting

ISBN: 9780471169208

2nd Edition

Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso

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Question Posted: Jun 13, 2024 02:09 AM

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Mila Company discovers in 1998 that its ending inventory at December 31, 1997, was ($ 5,000) understated.

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Financial Accounting

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