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The following amounts have been extracted from the accounts Sales Cost of Goods Sold Inventory Account Payable $50,000 $43,000 $10,000 $ 8,000

The following amounts have been extracted from the accounts Sales Cost of Goods Sold Inventory Account Payable $50,000 $43,000 $10,000 $ 8,000

FINANCIAL ACCOUNTING
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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The following amounts have been extracted from the accounts of Sell-It at its year-end, December 31, 20x9: Sales Cost of Goods Sold Inventory Account Payable If an error were made computing Sell-its ending inventory and inventory were understated by $2,000 then: Multiple Choice $50,000 $43,000 $10,000 $ 8,000 O liabilities are overstated by $2,000 net income is overstated by $2,000 Cost of goods sold is understated gross profit is understated by $2,000 None of the other alternatives are correct
Transcribed Image Text:The following amounts have been extracted from the accounts of Sell-It at its year-end, December 31, 20x9: Sales Cost of Goods Sold Inventory Account Payable If an error were made computing Sell-its ending inventory and inventory were understated by $2,000 then: Multiple Choice $50,000 $43,000 $10,000 $ 8,000 O liabilities are overstated by $2,000 net income is overstated by $2,000 Cost of goods sold is understated gross profit is understated by $2,000 None of the other alternatives are correct
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