Goods purchased FOB shipping point were shipped to Merkley & Co. on December 31, 2013. The purchase
Question:
(a) What effect would this error have had on reported income for 2013 had it not been discovered?
(b) What entry should be made on the books to correct this error, assuming that the books have not yet been closed for 2013?
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 =...
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a Cost of goods sold would be overstated and net income would ...View the full answer
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