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During the taking of its physical inventory on December 31, Almond Supplies Company incorrectly counted its inventory as $545,000 instead of the correct amount of $554,000. Indicate the effects of the misstatement on Almond Supplies Company's balance sheet and income statement for the year ended December 31.
Forward Rate
The predicted interest rate for a loan or investment for a specific period in the future, differing from current rates.
Nominal Risk-Free Rate
The rate of return on an investment with no risk of financial loss, not taking into account inflation.
Purchasing Power Parity
An economic theory that suggests exchange rates between currencies are in equilibrium when their purchasing power is the same in each of the two countries.
Athletic Shoes
Footwear designed specifically for sports or other forms of physical exercise.
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