Essay
Sideline Company reported net income for 2015 of $70,000 and in 2016 of $84,000 (both after income taxes at a 30% rate). It was discovered in 2016 that the ending inventory for 2015 was understated by $2,000 (before any income tax effect).
Required:
Calculate the correct net income (after income tax of 30%) for 2015 and 2016
Correct Answer:
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2015: $70,000 + ($2,...View Answer
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Correct Answer:
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