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dedylja [7]
3 years ago
8

Sheridan Inc. reported total assets of $6408000 and net income of $503000 for the current year. Sheridan determined that invento

ry was understated by $137000 at the beginning of the year and $58700 at the end of the year. Ignoring income taxes, what is the corrected amount for total assets and net income for the year
Business
1 answer:
adoni [48]3 years ago
8 0

Solution:

Given,

Total assets = $6408000

Net income = $503000

Now , to calculate corrected amount for total assets and net income for the year :

503000 + 137000 = 640,000

The corrected amount for total assets and net income for the year : 640,000

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