The effect of these events and transactions on 2010 income, Ask an Expert

Accounting

(1) Depreciation for 2008 was found to be understated by $30,000.

(2) A strike by the employees of a supplier resulted in a loss of $25,000.

(3) The inventory at December 31, 2008 was overstated by $40,000.

(4) A flood destroyed a building that had a book value of $500,000. Floods are very uncommon in that area.

The effect of these events and transactions on 2010 income from continuing operations net of tax would be:

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Accounting Basics, Accounting

Category:- Accounting Basics
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