At December 31, 2011, Daewoo Inc. reported total assets of $ W 201,295,000 $, and net income of $ W 50,335,000 $ for the current year. Daewoo determined that inventory was overstated by W1,600,000 at the beginning of 2012 (this was not corrected). What is Daewoo's corrected amount for total assets for 2011 ?

Question

Quizplus · Accepted Answer

The overstatement of inventory at the beginning of 2012 does not affect the total assets reported at December 31, 2011. Therefore, the total assets remain unchanged at W201,295,000. However, if the inventory was overstated at the end of 2011, it would have been W1,600,000 less, making the corrected total assets W199,695,000.

At December 31, 2011, Daewoo Inc W201,295,000 W 201,295,000 W201,295,000 , and Net Income Of

At December 31, 2011, Daewoo Inc $W 201,295,000$ , and Net Income Of