Error on total assets as reported in the balance sheet

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Question: Fennick Company reports net income of $92,000 in 2017. However, ending inventory was understated by $7,000. What is the correct net income for 2017? What effect, if any, will this error have on total assets as reported in the balance sheet at December 31, 2017? The response must be typed, single spaced, must be in times new roman font (size 12) and must follow the APA format.

Reference no: EM131827988

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Error on total assets as reported in the balance sheet : Fennick Company reports net income of $92,000 in 2017. However, ending inventory was understated by $7,000. What is the correct net income for 2017?

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