Question: Item 8 C . Goode Eyeglasses overstated its inventory by $ 3 0 , 0 0 0 at the end of 2 0 2 4

Item 8
C. Goode Eyeglasses overstated its inventory by $30,000 at the end of 2024.
In 2025, the discovery of this error, before adjusting or closing entries, would require:
Multiple Choice
an increase in retained earnings.
a debit to inventory of $30,000.
a prospective adjustment in the 2025 income statement.
None of these answer choices are correct.

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Q:

The double link grip is used to lift the beam. If the beam weighs 4 kN, determine the horizontal and vertical components of force acting on the pin at A and the horizontal and vertical components of...

Q:

1. Determine the gross profit using the periodic inventory system and the FIFO inventory method, assuming that 18 units were sold at a sales price of $14. Date Item Units Cost Total January 1...

Q:

Hello, I need help with Transactions 12,13,14,15. this is the systems understanding aid(SUA) from accounting 333. thanks Trans. Document ? # Dec. Flowchart Description 8 20th No Increased employee...

Q:

Hello, I need help with Transactions 12,13,14,15. this is the systems understanding aid(SUA) from accounting 333. thanks Trans. Document ? # Dec. Flowchart Description 8 20th No Increased employee...

Q:

Here's another study guide that I would like to have guidance for the answers that I got wrong. Question 1 0 out of 5 points The following data were extracted from the records of Welmark Company:...

Q:

This problem is for the 2020 tax year. On November 1, 2009, Janet Morton and Kim Wong formed Pet Kingdom, Inc., to sell pets and pet supplies. Pertinent information regarding Pet Kingdom is...

Q:

it should be a general journal. and notify if ts debit or credit as well. Could you please make a general jounral should look like something like that it is visibleproperly man see last three images...

Q:

See attached 1. Restin Co. uses the gross method to record sales made on credit. On June 1, 2014, it made sales of $50,000 with terms 3/15, n/45. On June 12, 2014, Restin received full payment for...

Q:

1 10 Gladstone Limited tracks the number of units purchased and sold throughout each accounting perlod but applies its inventory costing method at the end of each perlod, as if it uses a periodic...

Q:

I need answers for all the questions on this practice final exam. I've attached the file. David A. Dittman, Financial Accounting Question Sheet HA 121 Final Exam Name:...

Q:

Chapter 6: Inventory and Cost of Goods Sold Learning Objective 1: Show how to account for inventory 1. How is the income statement of a service company different from the income statement of a...

Q:

determine the Internal Rate of Return (IRR) of Gamma and Beta, and the incremental Internal Rate of Return (IRR) between Alpha and Gamma The owner of a seniors' residence is planning the purchase an...

Q:

The Minitab printout below resulted from fitting the following model to n = 15 data points: y = 0 + 1x1 + 2x2 + where a. Report the least squares prediction equation. b. Interpret the values of 1...

Q:

Housekeeping Supplies Costs for essential housekeeping supplies, including cleaning materials, linens, and toiletries, average $ 1 0 per hotel room occupied. What is the behavior ( fixed or variable...

Q:

Within the theoretical facets of affect climate, what is affect utilization? How is this linked to employee monitoring and reprimands?