Garner Supply Company reports net income of $120,000 in 2018. The ending inventory did not include goods valued at $7,000 that Garner had consigned to Sharif's Gift Shop.
(1) What is the correct net income for 2018?
(2) What impact will this error have on the balance sheet at 12/31/18?

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The Answer of Garner Supply Company reports net income of $120,000 in 2018. The ending inventory did not include goods valued at $7,000 that Garner had consigned to Sharif's Gift Shop.
(1) What is the correct net income for 2018?
(2) What impact will this error have on the balance sheet at 12/31/18?

Garner Supply Company Reports Net Income of $120,000 in 2018