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At the beginning of the year Candle Co. has an inventory balance...

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Accounting

At the beginning of the year Candle Co. has an inventory balance of $32,000. The company has net income for the year of $56,000. Later, the accountant discovers an error that caused the beginning invenotory to be understated by $6,000.
a. Assuming no other changes, what is the correct net income for the year?
b. If the error was discovered after year-end, what was the effect of the error on the balance sheet?

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