Slowinski Corporation Reported Net Income of $415,000 for the Current

question 101

Multiple Choice

Slowinski Corporation reported net income of $415,000 for the current year. After the financial statements had been prepared, it was discovered that ending inventory had been overstated by $35,000 and beginning inventory was understated by $2000. The correct net income was:

• A)$378,000.
• B)$382,000.
• C)$448,000.
• D)$452,000.

---

Definitions:

Negotiation

The process of discussing things with others to reach an agreement, compromise, or settlement.

Order

An authoritative command, direction, or instruction, typically issued by a court or by someone in a position of power.

Bearer

A term referring to an individual in possession of a negotiable instrument (such as a check or bond) that is payable to whoever holds it.

Assigns

Individuals or entities to whom rights or properties are legally transferred.