Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. at the beginning of the year candle co. has an inv

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

60.1K

Verified Solution

Question

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?

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Biology
1.2K views

Briefly outline the processes of mitochondrial fission and fusion; and how dysregulation or disruption of these...

Programming
1.2K views

Describe the items shared by all threads in a process. What are the items which are...

Civil Engineering
1.2K views

LO1 Describe the construction industry with reference to company structures and other activities P1 Explain how the...

Biology
1.2K views

Zoe glared at her soccer opponent from across the field She had practiced all week...

Physics
1.2K views

mathon mathor If qf is the free charge on the capacitor plates and q is...

Algebra
1.2K views

Find the area between the x axis and the curve defined by y x 4...

Accounting
1.2K views

1. Which of the following statements is not true for a contract with multiple performance...

Accounting
1.2K views

Forecast Home Depots FY2016 income statement, balance sheet, and statement of cash flows using the...

Accounting
1.2K views

please help! asap! ill appreciate it South Bend...

Accounting
1.2K views

Surf Life Saving Australia (SLSA) is Australias major water safety, drowning prevention and rescue organization....

Finance
1.2K views

Assume that you were working on a group project and that one of your teammates...

Accounting
1.2K views

18 16.39827 14.99203 13.75351 12.65930 11.68959 10.82760 10.05909 9.37189 19 17.22601 15.67846 14.32380 13.13394 12.08532...