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At the balance sheet date, Clarkson Company held title to goodsin transit amounting to $214,000. This amount was omitted from thepurchases figure for the year and also from the ending inventory.What is the effect of this omission on the net income for the yearas calculated when the books are closed? What is the effect on thecompany’s financial position as shown in its balance sheet? Ismateriality a factor in determining whether an adjustment for thisitem should be made?
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