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Effect of Inventory Error on Financial Statements

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Effect of Errors in Dhiftical Irventary as $721,240 instead of the correct amount of $742,680 Enter alf amounts as positive mumbers. A. State the effect of the emer on the Deceinber 31, 20r2, balance sheet of Mhsouri River Supply. b. State the effect of the error on the income statement of Missour River Supply for the year ended December 31,20y2. c. If uneorrected, what mould be the effect of the error on the 20 Y 3 income statement? C. If uncorrected, whist wound be the effect of the error on the 20y income statement? d. If uncorrected, nhat would be the effect of the erroe on the December 34, 2ov3, balance sheet? 1. The December 34, 20r2, baiance sheet would be correct, since the 20 2 inventory error reverses itselt in 2043. 2. The December 31, 20r3, balance sheet would be incorrect, since the 20Y2 inventory error overstates the beginning inventory in2or3. 3. The December 31, 20Y3, balance sheet would be incorrect, since the 20 rz inventory error understates the beginning imventory in 20r3..

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Effect of Errors in Dhiftical Irventary as $721,240 instead of the correct amount of $742,680 Enter alf amounts as positive mumbers. A. State the effect of the emer on the Deceinber 31, 20r2, balance sheet of Mhsouri River Supply. b. State the effect of the error on the income statement of Missour River Supply for the year ended December 31,20y2. c. If uneorrected, what mould be the effect of the error on the 20 Y 3 income statement? C. If uncorrected, whist wound be the effect of the error on the 20y income statement? d. If uncorrected, nhat would be the effect of the erroe on the December 34, 2ov3, balance sheet? 1. The December 34, 20r2, baiance sheet would be correct, since the 20 2 inventory error reverses itselt in 2043. 2. The December 31, 20r3, balance sheet would be incorrect, since the 20Y2 inventory error overstates the beginning inventory in2or3. 3. The December 31, 20Y3, balance sheet would be incorrect, since the 20 rz inventory error understates the beginning imventory in 20r3.

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Effect of Inventory Error on Financial Statements

  • 1. Effect of Errors in Dhiftical Irventary as $721,240 instead of the correct amount of $742,680 Enter alf amounts as positive mumbers. A. State the effect of the emer on the Deceinber 31, 20r2, balance sheet of Mhsouri River Supply. b. State the effect of the error on the income statement of Missour River Supply for the year ended December 31,20y2. c. If uneorrected, what mould be the effect of the error on the 20 Y 3 income statement? C. If uncorrected, whist wound be the effect of the error on the 20y income statement? d. If uncorrected, nhat would be the effect of the erroe on the December 34, 2ov3, balance sheet? 1. The December 34, 20r2, baiance sheet would be correct, since the 20 2 inventory error reverses itselt in 2043. 2. The December 31, 20r3, balance sheet would be incorrect, since the 20Y2 inventory error overstates the beginning inventory in2or3. 3. The December 31, 20Y3, balance sheet would be incorrect, since the 20 rz inventory error understates the beginning imventory in 20r3.