During the taking of its physical inventory, a company inadvertently counted its inventory as $89,400...
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Accounting
During the taking of its physical inventory, a company inadvertently counted its inventory as $89,400 instead of the correct amount of s\$6, 800 . Indicate the effect of the misstatement on the balance sheet of the current year. a. Assets are understated by $2,600. b. Owner's equity is understated by $2,600. c. Owner's equity is averstated by $2,600. d. Liabilities are overstated by $2,600
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