Sheridan Inc. reported total assets of $2395000 and net income of $322000 for the current year. Sheridan determined that inventory was overstated by $23500 at the beginning of the year (this was not corrected). Ignoring income taxes, what is the corrected amount for total assets and net income for the year? $2371500 and $298500. $2395000 and $345500
Sheridan Inc. reported total assets of $2395000 and net income of $322000 for the current year. Sheridan determined that inventory was overstated by $23500 at the beginning of the year (this was not corrected). Ignoring income taxes, what is the corrected amount for total assets and net income for the year? $2371500 and $298500. $2395000 and $345500
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Sheridan Inc. reported total assets of $2395000 and net income of $322000 for the current year. Sheridan determined that inventory was overstated by $23500 at the beginning of the year (this was not corrected). Ignoring income taxes, what is the corrected amount for total assets and net income for the year?
$2371500 and $298500.
$2395000 and $345500.
$2418500 and $345500.
$2395000 and $322000.
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