If Wakowski Company's ending inventory was actually $86,000 but was adjusted at year end to a balance of $68,000 in error, what would be the impact on the presentation of the balance sheet and income statement for the year that the error occurred, if any? If no entry is required, select "None" and leave the amount boxes blank. Balance Sheet: Merchandise Inventory Current Assets $4 Total Assets Retained Earnings Income Statement: Cost of Goods Sold Gross Profit/Gross Margin Net Income
If Wakowski Company's ending inventory was actually $86,000 but was adjusted at year end to a balance of $68,000 in error, what would be the impact on the presentation of the balance sheet and income statement for the year that the error occurred, if any? If no entry is required, select "None" and leave the amount boxes blank. Balance Sheet: Merchandise Inventory Current Assets $4 Total Assets Retained Earnings Income Statement: Cost of Goods Sold Gross Profit/Gross Margin Net Income
Chapter10: Inventory
Section: Chapter Questions
Problem 14EA: If Wakowski Companys ending inventory was actually $86,000 but was adjusted at year end to a balance...
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If Wakowski Company's ending inventory was actually $86,000 but was adjusted at year end to a balance of $68,000 in error, what would be the impact on the presentation of the balance sheet and income statement for the year that the error occurred, if any? If no entry is required, select "None" and leave the amount boxes blank.
Transcribed Image Text:If Wakowski Company's ending inventory was actually $86,000 but was adjusted at year end to a balance of $68,000 in error, what would be the impact on the presentation of the balance sheet and income statement for the year
that the error occurred, if any? If no entry is required, select "None" and leave the amount boxes blank.
Balance Sheet:
Merchandise Inventory
$
Current Assets
$4
Total Assets
Retained Earnings
Income Statement:
Cost of Goods Sold
$4
Gross Profit/Gross Margin
$4
Net Income
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