You have been told that for 2019 the ending inventory was correctly reported, but a...
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Accounting
You have been told that for 2019 the ending inventory was correctly reported, but a cash purchase of merchandise was not recorded. (Assume this purchase was subsequently recorded in 2020.) Indicate the effect of the above on working capital, current ratio (assume that the current ratio is less than 1), net income, and retained earnings ending balance for 2019 and 2020. BI III - US Xxx BI c Use O for overstated, U for understated and N for no effect. 2019 2020 Working Capital Current Ratio Net Income Retained Earnings at year-end
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