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:

Wide Spectrum

Encompassing a broad range of types, varieties, or categories.

Construct System

A framework of cognitive constructs within which a person perceives, interprets, and interacts with the world, guiding their understanding and behavior.

Range of Convenience

Describes the scope or area within which a particular method, procedure, or concept can be applied.

Sociality Corollary

The concept that individuals’ understanding of the world is shaped by their relationships and interactions with others.