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The City Store reported the following amounts on their financial statements for 2009, 2010 and 2011:
It was discovered early in 2012 that the ending inventory on December 31, 2009 was overstated by $6,000 and the ending inventory on December 31, 2010 was understated by $2,500. The ending inventory on December 31, 2011 was correct. Ignoring income taxes, determine the correct amounts of cost of goods sold, net income, total current assets and equity for each of the years 2009, 2010 and 2011.
Implicit Memory
A type of memory that enables the use of objects or skills without conscious awareness of the learning process.
Severe Memory Impairments
Significant difficulties in recalling past experiences or learning new information, often resulting from brain injury, disease, or psychological trauma.
Hippocampus
The hippocampus is a major component of the brain, involved in memory formation and spatial navigation.
Long-Term Memories
A type of memory capable of storing information for an extended period, potentially for a lifetime, including knowledge, experiences, and skills.
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