tnt en Assignment Nickele Company reoorts net income of sae,4n0 in 2014 However ending inventory was understuted be .30 What is the correctinet income for 20 14 2z e correct net income What offuct. it any will this error have on total asets as reourted in the balance shest at December 31, 20n 014 IRNil in the balance sheet will be by the amount that ending inventory is Solution 1. Net Income for 2014 = $86,440 + $7,220 = $93,660 2. Total Assets in the balance sheet will be Understated by the amount that ending inventory is Understated, $7,220 *Note - Image is not clearly visible so I took understated amount as 7,220, if it is 7,320 then please drop a comment..