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10 June, 22:22

Omar Company uses a periodic inventory system and erroneously overstated ending inventory by $10,000 for the year ended December 31, 2017. Ignoring the tax effect, the effect on the 2017 financial statement includes an

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  1. 10 June, 22:26
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    Profit will be overstated and Assets will be overstated

    Explanation:

    Income Statement:

    Profit will be overstated by $10,000

    Statement of financial position:

    Assets will be overstated by $10,000
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