Ignoring taxes, if a company understates its ending inventory by ($ 10,000) in the current year, a.

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Ignoring taxes, if a company understates its ending inventory by $\$ 10,000$ in the current year,

a. assets for the current year will be overstated by $\$ 10,000$.

b. net income for the subsequent year will be overstated by $\$ 10,000$.

c. cost of goods sold for the current year will be understated by $\$ 10,000$.

d. retained earnings for the current year will be unaffected.

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Cornerstones Of Financial Accounting

ISBN: 9780176707125

2nd Canadian Edition

Authors: Jay Rich, Jefferson Jones, Maryanne Mowen, Don Hansen, Donald Jones, Ralph Tassone

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Question Posted: Jun 07, 2024 01:22 AM

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Ignoring taxes, if a company understates its ending inventory by ($ 10,000) in the current year, a.

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Cornerstones Of Financial Accounting

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