During the taking of its physical inventory on August 31, 20Y7, Robin Interiors Company incorrectly counted its inventory as $543,500 instead of the correct amount of $560,700. Indicate the effect of the misstatement on Robin Interiors' August 31, 20Y7, balance sheet and income statement for the year ended August 31, 20Y7. Also record the amount of each overstatement or understatement. Enter all amounts as positive numbers. Merchandise inventory Current assets $4 Total assets lOwner's equity Cost of merchandise sold Gross profit Net income

During the taking of its physical inventory on August 31, 20Y7, Robin Interiors Company incorrectly counted its inventory as $543,500 instead of the correct amount of $560,700. Indicate the effect of the misstatement on Robin Interiors' August 31, 20Y7, balance sheet and income statement for the year ended August 31, 20Y7. Also record the amount of each overstatement or understatement. Enter all amounts as positive numbers. Merchandise inventory Current assets $4 Total assets lOwner's equity Cost of merchandise sold Gross profit Net income

Name: During the taking of its physical inventory on August 31, 20Y7, Robin
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Description: During the taking of its physical inventory on August 31, 20Y7, Robin Interiors Company incorrectly counted its inventory as $543,500 instead of the correct amount of $560,700. Indicate the effect of the misstatement on Robin Interiors'August 31, 20

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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