During 2024, Passage Company discovered that the ending inventories reported on its financial statements were...
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Accounting
During 2024, Passage Company discovered that the ending inventories reported on its financial statements were incorrect by the following amounts:
| 2022 | $60,000 understated |
| 2023 | $75,000 overstated |
Prior to any adjustments for these errors, 2023 Net Income would be:
Select one:
a. Correct
b. $75,000 overstated
c. $15,000 overstated
d. $135,000 overstated
e. $75,000 understated
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