During the Taking of Its Physical Inventory on December 31

question 160

Essay

During the taking of its physical inventory on December 31, 2011, Gentry Supplies Company incorrectly counted its inventory as $245,000 instead of the correct amount of $254,000. Indicate the affect of the misstatement on Gentry Supplies Company's balance sheet and income statement for the year ended December 31, 2011.

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Definitions:

Self-Regulatory Perseveration Theory

A theoretical framework that explains how individuals persist in self-regulation towards goals even in the face of obstacles or failure.

Unattainable Goal

A goal that cannot be achieved, regardless of the effort or strategies applied due to its inherent impossibility or unrealistic nature.

Central to Their Self-Esteem

A phrase describing components or aspects of a person's life that are fundamentally important to their overall sense of worth or value.

Ironic Processing

Ironic processing is the psychological phenomenon where an individual's effort to suppress certain thoughts makes them more likely to surface.