Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. during the taking of its physical inventory on dec

During the taking of its physical inventory on December 31, Barry's Bike Shop incorrectly counted...

90.2K

Verified Solution

Question

Accounting

image
During the taking of its physical inventory on December 31, Barry's Bike Shop incorrectly counted its Inventory as $205,542.00 Instead of the correct amount of $176,196.00. The effect on the balance sheet and income statement would be Oa. assets overstated by $29,346.00 retained earnings understated by $29.346.00; and net income statement understated by $29.346.00 ObBusets overstated by $205,542,00; retained earnings understated by $176 196.00; and no effect on the income statement Oc assets, retained eamings, and net income all overstated by $29,346.00 Od uses and retained earnings oventated by $176,196.00; and net income understated by $205,542.00

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

The Transportation Security Administration (TSA) collects data on wait time at each of its airport security...

Statistics
Q

What are the challenges of the electricity energy sector in terms of electric energy consumption and...

Electrical Engineering
Q

please please do not copy the answer from internet A capacity alternative has an initial cost...

General Management
Q

Which of the following parameters limits the ultimate population size attained by a population undergoing...

Biology
Q

Two radioactive materials X and X have respectively If decay constants 5A and initially they...

Physics
Q

Directions Consider the following function f x at a 3 Part 1 Difference Quotient A...

Calculus
Q

Write a linear cost function for the following situation Identify all variables used A ski...

Algebra
Q

Thalassines Kataskeves, S.A., of Greece makes marine equipment. The company has been experiencing losses on...

Accounting
Q

May with withdrew $500000 from her personal savings and deposited into the business account and...

Accounting
Q

Could you show the work out for each question, please?

Accounting
Q

Prapare all nacassary journal antrias for Sloysong for this leasa through December 31,2025.(List all debit...

Accounting
Q

The following is Buffay Corporation's contribution format income statement for last month: Sales $12,000,000 1,800,000...

Accounting