This is a multiple answer question. Duncan Company miscounted its ending inventory during the December 31, 2025 physical count. Which items will be wrong on the 2025 financial statements assuming this mistake is not discovered until the next year? (Choose all that apply). A. Noncurrent assets B. Net income C. Inventory D. Liabilities E. Cost of goods sold

Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter22: Accounting For Changes And Errors.
Section: Chapter Questions
Problem 11RE: At the end of 2019, Manny Company recorded its ending inventory at 350,000 based on a physical...
Question

This is a multiple answer question.

Duncan Company miscounted its ending inventory during the December 31, 2025 physical count. Which items will be wrong on the 2025 financial statements assuming this mistake is not discovered until the next year? (Choose all that apply).

A. Noncurrent assets

B. Net income

C. Inventory

D. Liabilities

E. Cost of goods sold 

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