Missouri River Supply Co. sells canoes, kayaks, whitewater rafts, and other boating supplies. During the taking of its physical inventory on December 31, 20Y2, Missouri River Supply incorrectly counted its inventory as $705,920 instead of the correct amount of $727,100.

G A v2.cengagenow.com Chapter 7 QUIZ CengageNOWv2 | Online teaching and learning r... Periodic Inventory By Three Methods The Units... Homework Help - Q&A from Online Tutors - C... Accounting question | Chegg.com Chapter 7 QUIZ Calculator 1. EX.07.03.ALGO ? Effect of Errors in Physical Inventory EX.07.04.ALGO Missouri River Supply Co. sells canoes, kayaks, whitewater rafts, and other boating supplies. During the taking of its physical inventory on December 31, 20Y2, Missouri 3. EX.07.07.ALGO River Supply incorrectly counted its inventory as $705,920 instead of the correct amount of $727,100. Enter all amounts as positive numbers. 4. EX.07.08 a. State the effect of the error on the December 31, 20Y2, balance sheet of Missouri River Supply. 5. EX.07.12.ALGO Balance Sheet Items Understated / Overstated Amount 6. EX.07.13.ALGO Merchandise Inventory 7. EX.07.14 Current Assets Total Assets 8. EX.07.17.ALGO Owner's Equity 9. EX.07.22.ALGO b. State the effect of the error on the income statement of Missouri River Supply for the year ended December 31, 20Y2. 10. EX.07.27.ALGO Income Statement Items Overstated/ Understated Amount Cost of Merchandise Sold Gross Profit Net Income c. If uncorrected, what would be the effect of the error on the 20Y3 income statement? Income Statement Items Overstated/ Understated Amount Cost of Merchandise Sold $ Gross Profit Net Income d If uncorrected what would he the effect of the error on the December 21 20V2 halance cheat? Progress: 8/10 items Check My Work 1 more Check My Work uses remaining. Previous Next All work saved. Save and Exit Submit Test for Grading