Sideline Company reported net income for 2018 of $70,000 and in 2019 of $84,000 (both after income taxes at a 30% rate).It was discovered in 2019 that the ending inventory for 2018 was understated by $2,000 (before any income tax effect).
Calculate the correct net income (after income tax of 30%)for 2018 and 2019.

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The Answer of Sideline Company reported net income for 2018 of $70,000 and in 2019 of $84,000 (both after income taxes at a 30% rate).It was discovered in 2019 that the ending inventory for 2018 was understated by $2,000 (before any income tax effect).
Calculate the correct net income (after income tax of 30%)for 2018 and 2019.

Sideline Company Reported Net Income for 2018 of $70,000 and in 2019