Paper Details
By the Bay Marine Supply reported the following comparative income statements for the years ended November 30,2016, and 2015:
By the Bay's president and shareholders are thrilled by the company's boost in sales and net income during 2016. Then the accountants for the company discover that ending 2015 inventory was understated by $9,000. Prepare the corrected comparative income statements for the two-year period, complete with a heading for the statements. How well did By the Bay Marine Supply really perform in 2016 as compared with 2015?
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