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During the taking of its physical inventory on December 31, 2014, Barry's Bike Shop incorrectly counted its inventory as $350,000 instead of the correct amount of $280,000. What is the effect on the balance sheet and income statement?
Shelter
A structure that provides protection from the environment, including homes, buildings, and temporary accommodations.
Physiological Need
A basic bodily requirement that people need to survive, such as food, water, and shelter.
Maslow Hierarchy
A theory of human motivation depicted as a pyramid, with basic needs at the base ascending to self-actualization needs at the top.
Level Of Needs
The ranked priorities of needs that individuals strive to fulfill, often depicted in a hierarchical order, such as Maslow's hierarchy of needs.
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