Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. zinke company understated its ending inventory at

Zinke Company understated its ending inventory at the end of Year 1. Which of the...

80.2K

Verified Solution

Question

Accounting

Zinke Company understated its ending inventory at the end of Year 1. Which of the following correctly states the effect of the error on the amounts shown on the Year 1 financial statements?

overstatement of cost of goods sold and retained eranings

understatement of liabilities and retained earnings

overstatement of total assets and cost of goods sold

understatement of total assets and fross margin

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Biology
1.2K views

1. Briefly describe 2 possible effects that antibiotics have on bacteria (ie- 2 things antibiotics can...

Finance
1.2K views

Problem 2-17 Accounting Values versus Cash Flows [LO2] During 2018, Raines Umbrella Corp. had sales of...

Psychology
1.2K views

What’s the relationship between psychoanalysis and mainstream academic psychology?

Psychology
1.2K views

1. Compare and contrast the classical and neoclassical theories. What are some problems with each of...

Physics
1.2K views

In an insulating box, there is a 140.0g block of lead whose temperature is 100K and...

Physics
1.2K views

A -3.00 nC point charge is at the origin, and a second -5.50 nC point charge...

Psychology
1.2K views

Increasingly, developmental theorists argue that men and women become more psychologically androgynous in terms of their personalities...

Biology
1.2K views

hoose the correct answer When a theme can be found in many cultures regions and...

Algebra
1.2K views

If a(3, 4) - b(2, 4) = (8, 10), determine a and b. Just enter...

Accounting
1.2K views

Journalize the adjusting entries on May 31. (Credit account titles are automatically indented when the...

Accounting
1.2K views

The circumstances surrounding which of the following events led to the need for a designated...

Accounting
1.2K views

Question 1 of 5 Wildhorse Farms purchased real estate for $1,230,000, which included...