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

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Accounting

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During the taking of its physical inventory on December 31, Barry's Bike Shop incorrectly counted its Inventory as $205,542.00 Instead of the correct amount of $176,196.00. The effect on the balance sheet and income statement would be Oa. assets overstated by $29,346.00 retained earnings understated by $29.346.00; and net income statement understated by $29.346.00 ObBusets overstated by $205,542,00; retained earnings understated by $176 196.00; and no effect on the income statement Oc assets, retained eamings, and net income all overstated by $29,346.00 Od uses and retained earnings oventated by $176,196.00; and net income understated by $205,542.00

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