Sheffield Inc. reported total assets of $6407000 and net income of $505000 for the current year. Sheffield determined that inventory was understated by $138000 at the beginning of the year and $58300 at the end of the year. Ignoring income taxes, what is the corrected amount for total assets and net income for the year?
Sheffield Inc. reported total assets of $6407000 and net income of $505000 for the current year. Sheffield determined that inventory was understated by $138000 at the beginning of the year and $58300 at the end of the year. Ignoring income taxes, what is the corrected amount for total assets and net income for the year?
Chapter10: Inventory
Section: Chapter Questions
Problem 15EA: Shetland Company reported net income on the year-end financial statements of $125,000. However,...
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Sheffield Inc. reported total assets of $6407000 and net income of $505000 for the current year. Sheffield determined that inventory was understated by $138000 at the beginning of the year and $58300 at the end of the year. Ignoring income taxes, what is the corrected amount for total assets and net income for the year?
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