Goofy Company Reported Profit for 20A of $30,000, and in 20B

question 115

Essay

Goofy Company reported profit for 20A of $30,000, and in 20B $40,000 (both after income taxes at
a 20% rate). It was discovered in 20C that the ending inventory for 20A was overstated by 8,000 (before any income tax effect). The correct profit (after income tax of 20%) should be: 20A
$________ 20B $________

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Definitions:

Subcutaneous

Pertaining to or situated under the skin, often used to describe injections or implants administered beneath the skin layer.

Intrathecal

Intrathecal refers to the administration of drugs or other substances directly into the space under the arachnoid membrane of the brain or spinal cord.

Intramuscular

Refers to the administration of medication directly into the muscle tissue.

Medications

Drugs or other forms of medical treatment used to diagnose, treat, or prevent illness.