Effect of inventory errors OBJ. 6 During the taking of its physical inventory on August 31, 2016,

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Effect of inventory errors OBJ. 6 During the taking of its physical inventory on August 31, 2016, Kate Interiors Company incorrectly counted its inventory as $366,900 instead of the correct amount of $378,500.

Indicate the effect of the misstatement on Kate Interiors’ August 31, 2016, balance sheet and income statement for the year ended August 31, 2016.

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Financial And Managerial Accounting

ISBN: 9781305267831,9781305267848

13th Edition

Authors: Carl S. Warren , James M. Reeve , Jonathan Duchac

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