Shook Company failed to count $60,000 of inventory in its 2013 year-end physical count. Required Write a

Question:

Shook Company failed to count $60,000 of inventory in its 2013 year-end physical count.

Required

Write a memo explaining how Shook Company’s balance sheet will be affected in 2013. Assume Shook uses the perpetual inventory system.

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...