During the taking of its physical inventory on December 31, 2013, Kate's Interiors Company incorrectly counted its inventory as $282,380 instead of the correct amount of $242,845. Indicate the effect of the misstatement on Kate's Interiors's December 31, 2013, balance sheet or income statement for the year ended December 31, 2013. For each, select if the amount is overstated or understated. Then, input the over or under amount, entered as a positive value. Cost of goods sold Current assets Gross profit Inventory Net Income Stockholders' equity Total assets

During the taking of its physical inventory on December 31, 2013, Kate's Interiors Company incorrectly counted its inventory as $282,380 instead of the correct amount of $242,845. Indicate the effect of the misstatement on Kate's Interiors's December 31, 2013, balance sheet or income statement for the year ended December 31, 2013. For each, select if the amount is overstated or understated. Then, input the over or under amount, entered as a positive value. Cost of goods sold Current assets Gross profit Inventory Net Income Stockholders' equity Total assets

Name: During the taking of its physical inventory on December 31, 2013, Kat
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Description: During the taking of its physical inventory on December 31, 2013, Kate's Interiors Company incorrectly counted its inventory as $282,380 instead of thecorrect amount of $242,845. Indicate the effect of the misstatement on Kate's Interiors's December

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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