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Correct net income for X7 is $ 33,000 $ 70,000 A. C. Correct net income for X8 is $ 33,000 $75,000 A. C. B. D. A. C. $212,000 $240,000 $ 56,000 $ 80,000 Correct retained earnings at 1/1/X9 is B. $231,000 D. $250,000 B. $ 47,000 D. $ 85,000 E. $ 94,000 E. $113,000 E. $259,000

Correct net income for X7 is $ 33,000 $ 70,000 A. C. Correct net income for X8 is $ 33,000 $75,000 A. C. B. D. A. C. $212,000 $240,000 $ 56,000 $ 80,000 Correct retained earnings at 1/1/X9 is B. $231,000 D. $250,000 B. $ 47,000 D. $ 85,000 E. $ 94,000 E. $113,000 E. $259,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Use the following information for questions 10 through 12: Ending inventory is understated $19,000 at 12/31/X7. Ending inventory is overstated $14,000 at 12/31/X8. Reported net income $75,000 for x7, $80,000 for X8. 1/1/X9 = $245,000. Reported retained earnings at 10. Correct net income for X7 is A. $ 33,000 B. C. $ 70,000 D. 11. Correct net income for X8 is A. $ 33,000 C. $ 75,000 12. Correct A. C. $ 56,000 $ 80,000 B. $ 47,000 D. $ 85,000 retained earnings at 1/1/X9 is $212,000 B. $231,000 $240,000 D. $250,000 E. $ 94,000 E. $113,000 E. $259,000
Transcribed Image Text:Use the following information for questions 10 through 12: Ending inventory is understated $19,000 at 12/31/X7. Ending inventory is overstated $14,000 at 12/31/X8. Reported net income $75,000 for x7, $80,000 for X8. 1/1/X9 = $245,000. Reported retained earnings at 10. Correct net income for X7 is A. $ 33,000 B. C. $ 70,000 D. 11. Correct net income for X8 is A. $ 33,000 C. $ 75,000 12. Correct A. C. $ 56,000 $ 80,000 B. $ 47,000 D. $ 85,000 retained earnings at 1/1/X9 is $212,000 B. $231,000 $240,000 D. $250,000 E. $ 94,000 E. $113,000 E. $259,000
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