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pls Oriole Company Company reported profit of ( $ 89,000 ) in 2023 . When counting its inventory on December 31,2023 , the compa forgot
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Oriole Company Company reported profit of \\( \\$ 89,000 \\) in 2023 . When counting its inventory on December 31,2023 , the compa forgot to include items stored in a separate room in the warehouse. As a result, ending inventory was understated by \\( \\$ 6,000 \\). What is the correct profit for 2023 ? Correct profit What effect, if any, will this error have on total assets and owner's equity reported on the balance sheet at December 31, 2023? Effect on total assets Effect on owner's equity Assuming the inventory is correctly counted on December 31,2024, what effect, if any, will this error have on the 2024 financial statements? eTextbook and Media Step by Step Solution
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