Wilma Received Merchandise on Consignment from Betty

question 58

Multiple Choice

Wilma received merchandise on consignment from Betty.As of March 31, Wilma had recorded the transaction as a purchase and included the goods in inventory.The effect of this on Wilma's financial statements for March 31 would be

• A)net income was correct and current assets and current liabilities were overstated.
• B)net income, current assets, and current liabilities were overstated.
• C)net income and current liabilities were overstated.
• D)no effect.

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Definitions:

Sex Drive

The natural human instinct or desire for sexual activity.

Heterosexual Women

Women who are sexually attracted to individuals of the opposite sex.

Attraction

A force or factor that draws individuals together, making them interested in each other, which can be physical, emotional, intellectual, or social.

Men and Women

Terms that refer to the two most commonly recognized genders, broadly distinguishing between male and female biological and social identities.