Collie Company incorrectly included $23,000 of goods held on consignment for Retriever Company in Collie 's beginning inventory for the year ended December 31, 2013 The ending inventory for 2013 and 2014 was correctly counted (a) What is the impact on the 2013 financial statements (b) What is the i...

Assets Liabilities Owners Equity 2013 No Effect No Effect No Effect 2014 No Effect No Effe ...

Collie Company incorrectly included $23,000 of goods held on consignment for Retriever Company in Collie's beginning inventory

Question:

Collie Company incorrectly included $23,000 of goods held on consignment for Retriever Company in Collie's beginning inventory for the year ended December 31, 2013. The for 2013 and 2014 was correctly counted.
(a) What is the impact on the 2013 financial statements?
(b) What is the impact on the 2014 financial statements?
Ending Inventory
The ending inventory is the amount of inventory that a business is required to present on its balance sheet. It can be calculated using the ending inventory formula Ending Inventory Formula =...