g Georgia Company reported total assets of $6,400,000 and net income of $510,000 for the current year. Risers determined that inventory was understated by $138,000 at the beginning of the year and $60,000 at the end of the year. What is the corrected amount for total assets and net income for the year

the corrected amount for total assets and net income for the year is $6,460,000 and $432, 000 respectively.

Explanation:

Georgia Company reported

total assets= $6,400,000  

net income of $510,000  for the Current year

 Inventory at the beginning of the year= $138,000  

Inventory at the end of the year= $60,000

The corrected amount for the total assets is as follows

= Reported total assets + Inventory at the end of the year

= $6,400,000+$60,000

= $6,460,000

The corrected amount for the net income is as follows

=Net income of current year - Inventory at the beginning of the year + Inventory at the end of the year

= $510,000 -$138,000 +$60,000

=$432, 000

Hence the corrected amount for total assets and net income for the year is $6,460,000 and $432, 000 respectively.

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