Through an error in counting of merchandise at December 31, Year 4, the Trophy Company overstated the

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Through an error in counting of merchandise at December 31, Year 4, the Trophy Company overstated the amount of goods on hand by $8,000. Assuming that the error was not discovered, what was the effect upon net income for Year 4? Upon owner’s equity at December 31, Year 4? Upon net income for Year 5? Upon owner’s equity at December 31, Year 5? LO4

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Accounting The Basis For Business Decisions

ISBN: 9780070415515

5th Edition

Authors: Robert F. Meigs, Walter B Meigs

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