question content area during the taking of its physical inventory on december 31, 20y4, barry's bike shop incorrectly counted its inventory as $207,529 instead of the correct amount of $169,567. the effect on the balance sheet and income statement would be

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21-10-2022
Business

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question content area during the taking of its physical inventory on december 31, 20y4, barry's bike shop incorrectly counted its inventory as $207,529 instead of the correct amount of $169,567. the effect on the balance sheet and income statement would be

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kumarkrishna kumarkrishna · Answer 1 · 2022-10-24T12:42:36-04:00

The effect on the balance sheet and income statement would be Assets and Retained Earnings Overstated By $52,362 and Net Income Overstated by $52,364.

An assets is a resource having economic worth that a person, organization, or nation owns or manages with the hope that it may someday be useful.

A company's balance sheet lists its Assets. They are divided into current, fixed, financial, and intangible categories. They are acquired or produced to raise a company's worth or enhance its operations. An accounting document known as a balance sheet lists a company's assets, liabilities, and shareholder equity. One of the three primary financial statements that are used to analyze a corporation is the balance sheet. It offers a picture of a company's financial situation as of the publication date, including what it owns and owes.

Learn more about Assets here :

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