Business, 21.04.2020 19:55 cynthiafchs9203
During the taking of its physical inventory, a company inadvertently counted its inventory as $89,000 instead of the correct amount of $87,000. Indicate the effect of the misstatement on the balance sheet of the current year. a. Owner's equity is understated by $2,000. b. Liabilities are overstated by $2,000. c. Assets are understated by $2,000. d. Owner's equity is overstated by $2,000.
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During the taking of its physical inventory, a company inadvertently counted its inventory as $89,00...
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