Riverbed Supply Company reports net income of $$132,000$ in $2023.$ The ending inventory did not include goods valued at $$9,900$ that

Riverbed Supply had consigned to Staples.

$($For question answer please scroll far right$)$

$(1)$ What impact will this error have on the income statement for $2023?$

Riverbed Supply Company reports net income of $$132,000$ in $2023.$ The ending inventory did not include goods valued at $$9,900$ that

Riverbed Supply had consigned to Staples.

$($For question answer please scroll far right$)$

$(1)$ What impact will this error have on the income statement for $2023?$

If ending inventory is

by $

$,$ cost of goods sold will be

and net inci

$(2)$ What is the correct net income for $2023?$

The correct net income is $

$(3)$ What impact will this error have on the balance sheet at December $31,2023?$

On the balance sheet, both inventory and retained earnings will be

by $

If ending inventory is

by $

$,$ cost of goods sold will be

and net inci

$(2)$ What is the correct net income for $2023?$

The correct net income is $

$(3)$ What impact will this error have on the balance sheet at December $31,2023?$

On the balance sheet, both inventory and retained earnings will be

by $