For Each of the Following Independent Scenarios,indicate the Effect of the Error

question 42

Essay

For each of the following independent scenarios,indicate the effect of the error (if any)on:
- 2016 net income
- 2017 net income
- 2017 closing retained earnings
Additional information:
- The company uses the periodic system of inventory and its fiscal year-end is December 31.
- Ignore income tax effects.
a.Your analysis of inventory indicates that inventory at the end of 2016 was understated by $20,000 due to an inventory count error.Inventory at the end of 2017 was correctly stated.
b.Invoices in the amount of $59,000 for inventory received in December 2016 were not entered on the books in 2016.They were recorded as purchases in January 2017 when they were paid.The goods were counted in the 2016 inventory count and included in ending inventory on the 2016 financial statements.
c.Goods received on consignment amounting to $99,000 were included in the physical count of goods at the end of 2017 and included in ending inventory on the 2017 financial statements.

Analyze myths surrounding homosexuality and their societal implications.

Explore the experiences and challenges faced by individuals with physical disabilities in the context of stigma and stereotypes.

Understand the impact and legal status of Internet gambling.

Recognize various forms of cyberdeviance and their characteristics.

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Definitions:

Programming Language

A formal language comprising a set of instructions used to produce various kinds of output, including software programs, that computers can execute or interpret.

Actual Rate

The real interest rate or return on an investment, taking into account inflation.

Interest

The cost of borrowing money or the payment made to a lender by a borrower for the use of money, typically expressed as an annual percentage rate.

Credit Card

A payment card issued to users as a method of payment allowing the cardholder to pay for goods and services based on the holder's promise to pay for them at a later date.