Business, 13.03.2020 16:50 asseatingbandit

Cake Mart understated its ending inventory In the current year by $5,000. The company incorrectly reported net income of $100,000. Determine the effect of the error on the financial satementsa. Total assets on the balance sheet will be too high by $5.000 b. Cost of goods sold was too low by $5,000, which caused net income to be oversatisfied c. Cost of goods sold wil be too high by $5.o00, and this caused net income to be understated by $5.000 d. Cost of goods sold will be too high by 55.000 and this caused net income to b overstated by $5.000

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Cake Mart understated its ending inventory In the current year by $5,000. The company incorrectly re...

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