Sheridan Inc. reported total assets of $2395000 and net income of $322000 for the current year. Sheridan determined that inventory was overstated by $23500 at the beginning of the year (this was not corrected). Ignoring income taxes, what is the corrected amount for total assets and net income for the year? $2371500 and $298500. $2395000 and $345500

Q: Alpha, Inc., made errors and/or omissions during the current year as described below. Indicate the…

A: Solution Notation to be used 0 =overstated U            = understated N            =no effect…

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A: When there is a change in accounting policy or method of calculation of inventory then the amount of…

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A: On January 1, 2021, Blossom Corp. changed its inventory method to FIFO from LIFO for both financial…

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Q: Required information [The following information applies to the questions displayed below.] ATW…

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A: The answer is stated below:

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A: Weighted average balance = ending - beginning  = 83000-77000 =6000

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A:

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A:

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