Stubbs Company failed to count $55,000 of inventory in its 2016 year-end physical count. Required Write a

Question:

Stubbs Company failed to count $55,000 of inventory in its 2016 year-end physical count.
Required
Write a memo explaining how Stubbs Company’s will be affected in 2016. Assume Stubbs 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...