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:

Community Parent Education Program (COPE)

A program designed to provide parents with skills and knowledge to raise their children in a healthy and positive environment.

Parent Training

Educational programs designed to teach parents effective strategies for managing their children's behavior and improving family dynamics.

Family Therapy

A form of psychotherapy that involves treating family systems rather than individuals, aiming to solve family problems and improve communication.

Problem-Solving Skills

The ability to find solutions to difficult or complex issues.