C Good Eyeglasses Overstated Its Inventory by $30,000 at the End

question 22

Multiple Choice

C. Good Eyeglasses overstated its inventory by $30,000 at the end of 2018. In 2019, the discovery of this error, before adjusting or closing entries, would require:

• A) An increase in retained earnings.
• B) A debit to inventory of $30,000.
• C) A prospective adjustment in the 2019 income statement.
• D) None of these answer choices are correct.

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Definitions:

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Attention Deficit/Hyperactivity Disorder

A neurodevelopmental disorder characterized by problems such as inattentiveness, impulsivity, and hyperactivity.

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Physical punishment intended as a disciplinary measure, such as spanking or paddling.

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