What is the correct net income, Accounting Basics

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What is the correct net income

Inventory Errors McLelland Inc. reported net income of $150,000 for 2011 and $165,000 for 2012. Early in 2012, McLelland discovers that the December 31, 2011, ending inventory was overstated by $15,000. For simplicity, ignore taxes. 1. What is the correct net income for 2011? For 2012?

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Accounting Basics: What is the correct net income

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Accounting Basics: What is the correct net income

Reference No:- TGS0671140

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Recent Questions Asked Accounting Basics

Q : Find on swiss franc would have purchased in us dollars

Q : Interpretation of sensory data

Q : What kind of literature base would you use to underlie

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Q : What is the correct net income

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Q : The berclairs basic and diluted earnings per share

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Accounting Basics: What is the correct net income

Reference No:- TGS0671140

Recent Questions Asked Accounting Basics

Q : Find on swiss franc would have purchased in us dollars

Q : Interpretation of sensory data

Q : What kind of literature base would you use to underlie

Q : What was the approximate amount stolen during the past year

Q : What is the correct net income

Q : Fundamentals of business communication

Q : The berclairs basic and diluted earnings per share

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