Concord Corporation is analyzing its account balances for 2020. As of the end of 2020,...
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Accounting
Concord Corporation is analyzing its account balances for 2020. As of the end of 2020, a debit balance of $4700 remains in the Manufacturing Overhead account. What impact will this have on the financial statements?
It will increase assets by $4700 and have no effect on income.
It will increase income by $4700.
It will reduce income by $4700.
It will decrease gross profit but have no effect on income.
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