Effect of Errors in Physical Inventory

Madison River Supply Co. sells canoes, kyaks, whitewater rafts, and other boating supplies. During the taking of its physical inventory on December 31, 20Y8, Madison incorrectly counted its inventory as $805,330 instead of the correct amount of $829,490.

Enter all amounts as positive numbers.

a. state the effects of the error on the December 31, 20Y8, balance sheet of Madison River Supply.

balance sheet items

inventory > understated > $ ?

current assets > understated > $ ?

total assets > understated > $ ?

stockholders equity > understated > $ ?

b. state the effects of the error on the income statement of Madison River Supply. for the year ended December 31, 20Y8.

cost of goods sold > overstated > $ ?

gross profit > understated > $ ?

net income > understated > $ ?

c. If incorrected, what would be the effects of the error on the 20Y9 income statement?

cost of goods sold > understated > $ ?

gross profit > overstated > $ ?

net income > overstated > $ ?

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