Ask Question
1 July, 17:35

If the beginning inventory for 2017 is overstated, the effects of this error on cost of goods sold for 2017, net income for 2017, and assets at december 31, 2018, respectively, are

+5
Answers (1)
  1. 1 July, 17:58
    0
    The answer overstatement, understatement and no effect. In addition, the incapability to record a purchase of commodities on account even still the goods are properly comprised the physical inventory results in an underestimation of liabilities and an overemphasis of owners’ equity
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “If the beginning inventory for 2017 is overstated, the effects of this error on cost of goods sold for 2017, net income for 2017, and ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers