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

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Collie Company incorrectly included $23,000 of goods held on consignment for Retriever Company in its beginning inventory for the year ended December 31, 2023. The ending inventory for 2023 and 2024 was correctly counted.

(a) What is the impact on the 2023 financial statements?
(b) What is the impact on the 2024 financial statements?

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Accounting Principles Volume 1

ISBN: 9781119786818

9th Canadian Edition

Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak

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Question Posted: Jul 01, 2023 05:23 AM

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

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a b 2024 Since the 2023 error reverses the impact of an ...View the full answer

Accounting Principles Volume 1

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