Please help me with correct answer thanku x Your answer is incorrect.Concord Inc. reported total assets of $2399000 and net income of $311000 for the current year. Concord determined that inventorywas overstated by $23500 at the beginning of the year (this was not corrected). What is the corrected amount for total assets and netincome for the year?$2375500 and $287500$2399000 and $334500$2422500 and $334500$2399000 and $311000

If beginning inventory is overstated then cost of goods sold and goods available for sales will also…

Answered: c. reported total assets of $2399000…

c. reported total assets of $2399000 and net income of $3110 ated by $23500 at the beginning of the year (this was not corre the year?

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 28CE: Inventory Errors McLelland Inc. reported net income of $175,000 for 2019 and $210,000 for 2020....

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Please help me with correct answer thanku

x Your answer is incorrect.
Concord Inc. reported total assets of $2399000 and net income of $311000 for the current year. Concord determined that inventory
was overstated by $23500 at the beginning of the year (this was not corrected). What is the corrected amount for total assets and net
income for the year?
$2375500 and $287500
$2399000 and $334500
$2422500 and $334500
$2399000 and $311000

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