Candle Co. performs an inventory court at year-end. The company records a ending balance of...
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Candle Co performs an inventory court at yearend. The company records a ending balance of $ for inventory on its balance sheet. During the following year, the accountant discovers that the ending inventory was miscounted, causing ending inventory to be overstated by $ a What is the effect of the misstatement on the income statement? b Besides ending inventory, what was the effect of the error on the balance sheet?
Candle Co performs an inventory court at yearend. The company records a ending balance of $ for inventory on its balance sheet. During the following year, the accountant discovers that the ending inventory was miscounted, causing ending inventory to be overstated by $
a What is the effect of the misstatement on the income statement?
b Besides ending inventory, what was the effect of the error on the balance sheet?
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