(Answered) Question - lets toss some numbers in to see what we can do

Accounting

Question - Let's toss some numbers in to see what we can do with this. Laurie's Company reports net income of $45,000 in 2016. However, ending inventory was understated $3,500. What is the correct net income for 2016? What effect, if any, will this error have on total assets as reported in the balance sheet at December 31, 2016? Let's see what you come up with?

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