Concord Inc. reported total assets of $2392000 and net income of $317000 for the current year. Concord determined that inventory was overstated by $24000 at the beginning of the year (this was not corrected). Ignoring income taxes, what is the corrected amount for total assets and net income for the year?

$2,392,000; $341,000

Explanation:

Given that,

Total assets = $2,392,000

Net income for the current year = $317,000

Inventory at the beginning of the year = Overstated by $24,000

Correct amount for total assets = $2,392,000

As beginning inventory is overstated by $24,000, So the cost of goods sold also overstated by $24,000 and hence, the net income understated by $24,000.

Therefore, the correct amount for net income for the year:

= Current net income + Understated net income

= $317,000 + $24,000

= $341,000

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