State the effect of each of the following errors made by Clawson Inc. on the income statement

Question:

State the effect of each of the following errors made by Clawson Inc. on the income statement and the (1) of the current period and (2) of the succeeding period:
(a) The is overstated as a result of a miscount of goods on hand.
(b) The company fails to record a purchase of merchandise on account, and the merchandise purchased is not recognized in recording the .
(c) The is understated as a result of a miscount of goods on hand.

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