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During the taking of its physical inventory on December 31, Almond Supplies Company incorrectly counted...

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Accounting

During the taking of its physical inventory on December 31, Almond Supplies Company incorrectly counted its inventory as $545,000 instead of the correct amount of $554,000. Indicate the effects of the misstatement on Almond Supplies Companys balance sheet and income statement for the year ended December 31. For those boxes in which you must enter understatements or negative numbers use a minus sign.

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