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MP3Juices Free M... Microsoft Word Onl... Mail - freya.zamora... d SEASON 1 - EP 1-.. Other be Caloulator Effect of Errors in Physical Inventory Missouri River Supply Co. sells canoes, kayaks, whitewater rafts, and other boating supplies. During the taking of its physical inventory on December 31, 20Y2, Missouri River Supply incorrectly counted its inventory as S718,910 instead of the corred amount of $740,480. Enter all amounts as posiuve numbers. 2. State the effect of the error on the December 31, 20Y2, balance sheet of Missouri River Supply. Balance Sheet Items Understated/Overstated Amount Merchandise Inventory Understated 21,570 Current Assets Understated 21,570 Total Assets Understated 21,570 Owner's Equity Understated 21,570 b. State the effect of the error on the inoome statement of Missouri River Supply for the year ended December 31, 20Y2. Income Stetement Items Overstated/Understated Amount Cost of Merchandise Sold Overstated 21,570 Gross Profit Understated 21,570 Net Income Understated 21,570 C If uncorected, whal would be the effect of the error on Uhe 20Y3 incorne slatemernt? Income Statement Items Overstated/Understated Amount Understated 21,570 Gruss Profit 21,570 Overstated 21,570 3. The December 31, 20Y0, balance shect would be incorrect, simo- the 20Y2 nwntory arrur understates he begiming ventory n 201 Previous Next Ernail Inasructbr Submit Assignnet br Grad 44 4:25 PM ENG W e 4/13/202 rch hp

MP3Juices Free M... Microsoft Word Onl... Mail - freya.zamora... d SEASON 1 - EP 1-.. Other be Caloulator Effect of Errors in Physical Inventory Missouri River Supply Co. sells canoes, kayaks, whitewater rafts, and other boating supplies. During the taking of its physical inventory on December 31, 20Y2, Missouri River Supply incorrectly counted its inventory as S718,910 instead of the corred amount of $740,480. Enter all amounts as posiuve numbers. 2. State the effect of the error on the December 31, 20Y2, balance sheet of Missouri River Supply. Balance Sheet Items Understated/Overstated Amount Merchandise Inventory Understated 21,570 Current Assets Understated 21,570 Total Assets Understated 21,570 Owner's Equity Understated 21,570 b. State the effect of the error on the inoome statement of Missouri River Supply for the year ended December 31, 20Y2. Income Stetement Items Overstated/Understated Amount Cost of Merchandise Sold Overstated 21,570 Gross Profit Understated 21,570 Net Income Understated 21,570 C If uncorected, whal would be the effect of the error on Uhe 20Y3 incorne slatemernt? Income Statement Items Overstated/Understated Amount Understated 21,570 Gruss Profit 21,570 Overstated 21,570 3. The December 31, 20Y0, balance shect would be incorrect, simo- the 20Y2 nwntory arrur understates he begiming ventory n 201 Previous Next Ernail Inasructbr Submit Assignnet br Grad 44 4:25 PM ENG W e 4/13/202 rch hp

Century 21 Accounting General Journal
Century 21 Accounting General Journal
11th Edition
ISBN:9781337680059
Author:Gilbertson
Publisher:Gilbertson
Chapter9: Accounting For Purchases And Cash Payments
Section9.2: Accounting For Merchandise Purchases
Problem 1OYO
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MP3Juices Free M... Microsoft Word Onl... Mail - freya.zamora... d SEASON 1 - EP 1-.. Other be Caloulator Effect of Errors in Physical Inventory Missouri River Supply Co. sells canoes, kayaks, whitewater rafts, and other boating supplies. During the taking of its physical inventory on December 31, 20Y2, Missouri River Supply incorrectly counted its inventory as S718,910 instead of the corred amount of $740,480. Enter all amounts as posiuve numbers. 2. State the effect of the error on the December 31, 20Y2, balance sheet of Missouri River Supply. Balance Sheet Items Understated/Overstated Amount Merchandise Inventory Understated 21,570 Current Assets Understated 21,570 Total Assets Understated 21,570 Owner's Equity Understated 21,570 b. State the effect of the error on the inoome statement of Missouri River Supply for the year ended December 31, 20Y2. Income Stetement Items Overstated/Understated Amount Cost of Merchandise Sold Overstated 21,570 Gross Profit Understated 21,570 Net Income Understated 21,570 C If uncorected, whal would be the effect of the error on Uhe 20Y3 incorne slatemernt? Income Statement Items Overstated/Understated Amount Understated 21,570 Gruss Profit 21,570 Overstated 21,570 3. The December 31, 20Y0, balance shect would be incorrect, simo- the 20Y2 nwntory arrur understates he begiming ventory n 201 Previous Next Ernail Inasructbr Submit Assignnet br Grad 44 4:25 PM ENG W e 4/13/202 rch hp
Transcribed Image Text:MP3Juices Free M... Microsoft Word Onl... Mail - freya.zamora... d SEASON 1 - EP 1-.. Other be Caloulator Effect of Errors in Physical Inventory Missouri River Supply Co. sells canoes, kayaks, whitewater rafts, and other boating supplies. During the taking of its physical inventory on December 31, 20Y2, Missouri River Supply incorrectly counted its inventory as S718,910 instead of the corred amount of $740,480. Enter all amounts as posiuve numbers. 2. State the effect of the error on the December 31, 20Y2, balance sheet of Missouri River Supply. Balance Sheet Items Understated/Overstated Amount Merchandise Inventory Understated 21,570 Current Assets Understated 21,570 Total Assets Understated 21,570 Owner's Equity Understated 21,570 b. State the effect of the error on the inoome statement of Missouri River Supply for the year ended December 31, 20Y2. Income Stetement Items Overstated/Understated Amount Cost of Merchandise Sold Overstated 21,570 Gross Profit Understated 21,570 Net Income Understated 21,570 C If uncorected, whal would be the effect of the error on Uhe 20Y3 incorne slatemernt? Income Statement Items Overstated/Understated Amount Understated 21,570 Gruss Profit 21,570 Overstated 21,570 3. The December 31, 20Y0, balance shect would be incorrect, simo- the 20Y2 nwntory arrur understates he begiming ventory n 201 Previous Next Ernail Inasructbr Submit Assignnet br Grad 44 4:25 PM ENG W e 4/13/202 rch hp
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