An error understated Power Corporations December 31, 2018, ending inventory by $54,000. What effect will this error
Question:
An error understated Power Corporation’s December 31, 2018, ending inventory by $54,000. What effect will this error have on total assets and net income for 2018?
Assets Net income
a. Understate .................... Understate
b. Understate ....................... No effect
c. No effect .......................... Overstate
d. No effect ......................... No effect
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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Related Book For 
Financial Accounting
ISBN: 978-0134725987
12th edition
Authors: C. William Thomas, Wendy M. Tietz, Walter T. Harrison Jr.
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