es the periodic inventory method and the beginning inventory is overstated by $9,000 because the ending inventory in the previous period was overstated by $9,000. The amounts reflected in the current end of the period balance sheet are

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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A company uses the periodic inventory method and the beginning inventory is overstated by $9,000 because the ending inventory in the previous period was overstated by $9,000. The amounts reflected in the current end of the period balance sheet are

        Assets           Owner’s Equity
Understated   Understated
Overstated   Correct
Overstated   Overstated
Correct   Correct
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