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Kazeer [188]
3 years ago
11

During the taking of its physical inventory on December 31, Almond Supplies Company incorrectly counted its inventory as $545,00

0 instead of the correct amount of $554,000. Indicate the effects of the misstatement on Almond Supplies Company’s balance sheet and income statement for the year ended December 31.
Business
1 answer:
IceJOKER [234]3 years ago
5 0

Answer and Explanation:

The effect of undervaluation of Inventory is shown below:-

Inventory Understated = Inventory counted + Correct value of inventory

= $545,000 - $554,000

= $9,000

Now, the effect of undervaluation of Inventory is

Cost of goods overstated by $9,000

Net income understated by $9,000

Retained earning understated by $9,000

Assets (Current assets - Inventory) understated by $9,000

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