Effect of errors in physical inventory Obj. 6 Madison River Supply Co. sells canoes, kayaks, whitewater rafts,

Question:

Effect of errors in physical inventory Obj. 6 Madison River Supply Co. sells canoes, kayaks, whitewater rafts, and other boating supplies.

During the taking of its physical inventory on December 31, 20Y8, Madison incorrectly counted its inventory as $545,000 instead of the correct amount of $555,400.

a. State the effects of the error on the December 31, 20Y8, balance sheet of Madison River Supply.

b. State the effects of the error on the income statement of Madison River Supply for the year ended December 31, 20Y8.

c. If uncorrected, what would be the effects of the error on the 20Y9 income statement?

d. If uncorrected, what would be the effects of the error on the December 31, 20Y9, balance sheet?

AppendixLO1

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Answer rating: 100% (QA)

Answered By

Aysha Ali

my name is ayesha ali. i have done my matriculation in science topics with a+ . then i got admission in the field of computer science and technology in punjab college, lahore. i have passed my final examination of college with a+ also. after that, i got admission in the biggest university of pakistan which is university of the punjab. i am studying business and information technology in my university. i always stand first in my class. i am very brilliant client. my experts always appreciate my work. my projects are very popular in my university because i always complete my work with extreme devotion. i have a great knowledge about all major science topics. science topics always remain my favorite topics. i am also a home expert. i teach many clients at my home ranging from pre-school level to university level. my clients always show excellent result. i am expert in writing essays, reports, speeches, researches and all type of projects. i also have a vast knowledge about business, marketing, cost accounting and finance. i am also expert in making presentations on powerpoint and microsoft word. if you need any sort of help in any topic, please dont hesitate to consult with me. i will provide you the best work at a very reasonable price. i am quality oriented and i have 5 year experience in the following field. matriculation in science topics; inter in computer science; bachelors in business and information technology _embed src=http://www.clocklink.com/clocks/0018-orange.swf?timezone=usa_albany& width=200 height=200 wmode=transparent type=application/x-shockwave-flash_

4.40+ 11+ Reviews 14+ Question Solved

Related Book For book-img-for-question