Effect of Inventory Errors
During the taking of its physical inventory on August 31, 2019, Kate Interiors Company incorrectly counted its inventory as $366,900 instead of the correct amount of $378,500. Indicate the effect of the misstatement on Kate Interiors’ August 31, 2019, balance sheet and income statement for the year ended August 31, 2019.
During the taking of its physical inventory on December 31, 2019, Waterjet Bath Company unted its inventory as $728,660 instead of the correct amount of $719,880. Indicate the effect of the misstatement on Waterjet Bath's December 31, 2019, balance sheet and income statement for the year ended December 31, 2019.
Merchandise inventory $
Current assets $
Total assets $
Owner's equity $
Cost of merchandise sold $
Gross profit $
Net income $
Current assets $
Total assets $
Owner's equity $
Answers: 2
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Answers: 2
Effect of Inventory Errors
During the taking of its physical inventory on August 31, 2019, Kate Int...
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