During the taking of its physical inventory on December 31, 2008, Poindexter Company incorrectly counted its inventory
Question:
During the taking of its physical inventory on December 31, 2008, Poindexter Company incorrectly counted its inventory as \(\$ 769,000\) instead of the correct amount of \(\$ 740,000\). Indicate the effect of the misstatement on Poindexter's December 31, 2008, balance sheet and income statement for the year ended December 31, 2008.
objs. 4, 5
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Related Book For 
Financial Accounting
ISBN: 9780324380675
10th Edition
Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac
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