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Title: Effects Of Inventory Errors

Essay Details

Subject: Business
Author:
Date: July 24, 2015
Level: University
Grade: A
Length: 2 / 352
No of views: 0
Essay rating: good 0, average 0, bad 0 (total score: 0)

Essay text:

Before the correction of the error in income statements for Uncle Bill’s Home Improvement Center, the combined net income for 2002 and 2003 is $ 68,500+ $32,900 = $101,400. Meanwhile, the combined net income for 2002 and 2003 after correction of the error is $ 45,000+ $56,400 = $101,400. In addition, net income in 2003 ($ 32,900) is lower than 2002 ($ 68,500) even though sales in 2003 ($541,200) is higher than 2002 ($ 523,600)...

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Before the correction of the error in income statements for Uncle Bill’s Home Improvement Center, the combined net income for 2002 and 2003 is $ 68,500+ $32,900 = $101,400. Meanwhile, the combined net income for 2002 and 2003 after correction of the error is $ 45,000+ $56,400 = $101,400. In addition, net income in 2003 ($ 32,900) is lower than 2002 ($ 68,500) even though sales in 2003 ($541,200) is higher than 2002 ($ 523,600)...

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