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9 0 out of 2 points During the taking of it...

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9 0 out of 2 points During the taking of its physical inventory on December 31, 2008, Albert?s Bike Shop incorrectly counted its inventory as $210,000 instead of the correct amount of $180,000. The effect on the balance sheet and income statement would be as follows: Answer Selected Answer: assets overstated by $30,000;retained earnings understated by $30,000; net income statement understated by $30,000,yes it was solved i wanted to know why my selected answer was wrong ...,thank you

 

Paper#6549 | Written in 18-Jul-2015

Price : $25
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