Records for the Short Company showed the following at the end of the year:
A physical inventory was taken and showed that the ending inventory was actually $29,000.
Required: Put an X in the appropriate box to show the effect the error will have on the following financial statement line items for the year if Short Company fails to correct it:

Question

Records for the Short Company showed the following at the end of the year:
  A physical inventory was taken and showed that the ending inventory was actually $29,000.
Required: Put an X in the appropriate box to show the effect the error will have on the following financial statement line items for the year if Short Company fails to correct it:

Quizplus · Accepted Answer

The Answer of Records for the Short Company showed the following at the end of the year:
  A physical inventory was taken and showed that the ending inventory was actually $29,000.
Required: Put an X in the appropriate box to show the effect the error will have on the following financial statement line items for the year if Short Company fails to correct it:

Records for the Short Company Showed the Following at the End