During the taking of its physical inventory on August 31, 20Y4, Kate Interiors Company incorrectly counted its
Question:
During the taking of its physical inventory on August 31, 20Y4, 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, 20Y4, balance sheet and income statement for the year ended August 31, 20Y4.
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Related Book For 
Financial And Managerial Accounting
ISBN: 9781337902663
15th Edition
Authors: Carl S. Warren, Jefferson P. Jones, William B. Tayler
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