Mattox Corporation Had a Unadjusted Balance of $5,400 in Supplies

question 42

Multiple Choice

Mattox Corporation had a unadjusted balance of $5,400 in Supplies.The actual balance was $150.The accountant failed to make the adjusting entry.What is the effect on the current year financial statements?

• A)Net income is understated by $5,250.
• B)Current assets are overstated by $5,250.
• C)Current assets are understated by $5,400.
• D)Retained Earnings is overstated by $5,400.

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Definitions:

Active Transport

The energy-dependent process of moving molecules across a cell membrane against their concentration gradient, often involving specific transport proteins.

Endocytosis

A process by which cells absorb external material by engulfing it with their cell membrane.

Vesicle Formation

The process of creating small, membrane-bound sacs within cells, used for transporting substances within the cell or releasing them outside.

Pinocytosis

Cell drinking; uptake of liquid by a cell.