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The Accountant for Suzanne Company Made the Following Errors Related

question 112

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The accountant for Suzanne Company made the following errors related to inventory in 2015:
1.The beginning inventory for 2014 was understated by $1,350 due to an error in the physical count.
2.A $1,500 purchase of merchandise on credit was not recorded or included in ending inventory. Assuming a periodic inventory system, how would Sue's cost of goods sold, gross profit, and net income be affected in 2015 by these errors? The accountant for Suzanne Company made the following errors related to inventory in 2015:  1.The beginning inventory for 2014 was understated by $1,350 due to an error in the physical count. 2.A $1,500 purchase of merchandise on credit was not recorded or included in ending inventory. Assuming a periodic inventory system, how would Sue's cost of goods sold, gross profit, and net income be affected in 2015 by these errors?   A)  I B)  II C)  III D)  IV


Definitions:

Octet

The state of an atom achieved when it has a full valence shell of eight electrons, making it stable and less reactive.

Methyl Chloride

A colorless, flammable gas used as a refrigerant, solvent, and in organic synthesis.

Lewis Structure

A representation that illustrates valence electrons as dot pairs or dashes around atoms within a molecule, highlighting the bond formations between atoms.

Bromine

A chemical element with the symbol Br and atomic number 35, known for its reddish-brown color and halogen properties.

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