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Wellington Company Reported Net Income of $60,000 in 2017 and $80,000

Question 20

Essay

Wellington Company reported net income of $60,000 in 2017 and $80,000 in 2018. However, ending inventory was overstated by $7,000 in 2017.
Instructions
Compute the correct net income for Wellington Company for 2017 and 2018.

Correct Answer:

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