The annual reported income for Salazar Company for the years 20092012 is shown here. However, a review

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The annual reported income for Salazar Company for the years 2009â€“2012 is shown here. However, a review of the inventory records reveals inventory misstatements.

Required:
Using the data provided, calculate the correct net income for each year.

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Accounting concepts and applications

ISBN: 978-0538745482

11th Edition

Authors: Albrecht Stice, Stice Swain

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Question Posted: Dec 30, 2011 04:42 AM

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The annual reported income for Salazar Company for the years 20092012 is shown here. However, a review

Question:

2009 2010 20112012 $30,000 $40,000 $35,000 $45,000 2,000 Inventory overstatement, end of year Inventory understatement, end of year 3,000 4,000 1,000

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The best way to solve this problem is to remember that inventory overstatements at the begi...View the full answer

Accounting concepts and applications

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