Determine the effect on cost of goods sold, total assets, and gross margin for 2015 and 2016
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Question:
Determine the effect on cost of goods sold, total assets, and gross margin for 2015 and 2016 if the following inventory errors are not corrected. Indicate your answer with (+) for overstated, (-) for understated, and (0) for no effect.
a) Beginning inventory for 2015 is understated
b) Ending inventory for 2015 is understated
Cost of Goods Sold | Effect in 2015 on Total Assets | Gross Margin | |
a. | |||
b. |
Cost of Goods Sold | Effect in 2016 on Total Assets | Gross Margin | |
a. | |||
b. |
Related Book For
Accounting What the Numbers Mean
ISBN: 978-1259535314
11th edition
Authors: David Marshall, Wayne McManus, Daniel Viele
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