Liche Company Reported Net Income of $54000 in 2016 and $80000

question 63

Essay

Liche Company reported net income of $54000 in 2016 and $80000 in 2017. However ending inventory was overstated by $6000 in 2016.
Instructions
Compute the correct net income for Liche Company for 2016 and 2017.

---

Definitions:

Hypnosis

A trance-like state of focused attention and increased suggestibility, often used for therapeutic purposes.

Remote Events

Occurrences or happenings that take place at a significant distance or time from the present.

Eyewitness Testimony

Testimony provided by individuals who witness a specific event or crime, relying on their memory to report what they observed.

Familiarity

The quality of being well known or easily recognized based on previous exposure or experience.