Stubbs Company failed to count $55,000 of inventory in its Year 1 year-end physical count. Required Write

Question:

Stubbs Company failed to count $55,000 of inventory in its Year 1 year-end physical count.

Required
Write a memo explaining how Stubbs Company’s balance sheet will be affected in Year 1. Assume Stubbs uses the perpetual inventory system.

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...

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