Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. calculator during the taking of its physical inven

Calculator During the taking of its physical inventory on December 31, 2014, Barry's Bike Shop...

70.2K

Verified Solution

Question

Accounting

image
Calculator During the taking of its physical inventory on December 31, 2014, Barry's Bike Shop incorrectly counted its inventory as $216,889.00 instead of the correct amount of $164,923.00. What would be the effect on the balance sheet and income statement? Select the correct answer. assets overstated by $51,966.00 retained earnings understated by $51,966.00 net income statement understated by $51,966.00. assets overstated by $216,889.00 retained earnings understated by $164,923.00 no effect on the income statement assets and retained earnings overstated by $51,966.00 net income overstated by $51.966.00, assets and retained earnings overstated by $164,923.00 net income understated by $216,889.00. Previous Next

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students