1. BE.06.02.ALGO 2. BE.06.04 3. BE.06.05 Effect of errors in physical inventory Madison River Supply Co. sells canoes, kayaks, whitewater rafts, and other boating supplies. During the taking of its physical inventory on December 31, 20Y8, Madison incorrectly counted its inventory as $361,200 instead of the correct amount of $372,040. Enter all amounts as positive numbers. a. State the effects of the error on the December 31, 20Y8, balance sheet of Madison River Supply. 4. BE.06.07 Balance Sheet Items 5. EX.06.07 Inventory Current Assets 6. EX.06.08 Total Assets 7. EX.06.11 Understated/Overstated $ Amount 8. EX.06.12 9. EX.06.14 10. EX.06.17.ALGO 11. PR.06.01A.BLANKSHEET 12. MAD.06.03 13. BE.06.06.EXCEL.ALGO 14. EX.06.10.EXCEL.ALGO Progress: 10/14 items DEC 10 Stockholders' Equity b. State the effects of the error on the income statement of Madison River Supply for the year ended December 31, 2018. Income Statement Items Cost of Goods Sold Gross Profit Net Income Overstated/Understated Amount $ $ c. If uncorrected, what would be the effects of the error on the 20Y9 income statement? Income Statement Items Cost of Goods Sold Check My Work Overstated/ Understated Amount dp M Previous Next ip CORN-0Z TOST