Effect of Errors in Physical Inventory Yellowstone River Supply Co. sells canoes, kayaks, whitewater rafts, and other boating supplies. During the taking...
robnboEffect of Errors in Physical Inventory
Yellowstone River Supply Co. sells canoes, kayaks, whitewater rafts, and other boating supplies. During the taking of its physical inventory on December 31, 2014, Yellowstone River Supply incorrectly counted its inventory as $324,650 instead of the correct amount of $338,500.
Enter all amounts as positive numbers.
a. State the effect of the error on the December 31, 2014, balance sheet of Yellowstone River Supply.
| Balance Sheet Items | Understated / Overstated | Amount | |||||||||
| Merchandise Inventory | $ | $ | $ | $ | $ | $ | $ | $ | $ | $[removed] |
12 years ago
999999.99
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