[LO 6]Sports Inc. understated 2021 ending inventory by $20,000. What...
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LO Sports Inc. understated ending inventory by $ What effect, if any, will this error have on Sports Inc. net income? Answer net income is overstated by $ net income is impacted, but the effect cannot be determined without the beginning inventory balance net income is understated by $ This error will not have an impact on the income statement as inventory is an asset account reported on the balance sheet. I don't know yet
LO Sports Inc. understated ending inventory by $
What effect, if any, will this error have on Sports Inc. net income?
Answer
net income is overstated by $
net income is impacted, but the effect cannot be determined without the beginning inventory balance
net income is understated by $
This error will not have an impact on the income statement as inventory is an asset account reported on the balance sheet.
I don't know yet
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