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Concord Corporation is analyzing its account balances for 2020. As of the end of 2020,...

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Accounting

Concord Corporation is analyzing its account balances for 2020. As of the end of 2020, a debit balance of $4700 remains in the Manufacturing Overhead account. What impact will this have on the financial statements?

It will increase assets by $4700 and have no effect on income.

It will increase income by $4700.

It will reduce income by $4700.

It will decrease gross profit but have no effect on income.

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