Question

If the beginning inventory for 2017 is overstated, the effects of this error on cost of goods sold for 2017, net income for 2017, and assets at december 31, 2018, respectively, are

Answer 1

The answer overstatement, understatement and no effect. In addition, the incapability to record a purchase of commodities on account even still the goods are properly comprised the physical inventory results in an underestimation of liabilities and an overemphasis of owners’ equity

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Step-by-step explanation:

Answer 2

The answer overstatement, understatement and no effect. In addition, the incapability to record a purchase of commodities on account even still the goods are properly comprised the physical inventory results in an underestimation of liabilities and an overemphasis of owners’ equity