If,at the End of a Period,Michaels Company Erroneously Excluded Some

question 7

Multiple Choice

If,at the end of a period,Michaels Company erroneously excluded some goods from its ending inventory and also erroneously did NOT record the purchase of these goods in its accounting records,these errors would cause

• A) no effect on the company's net income,working capital,and retained earnings.
• B) the company's cost of goods available for sale,cost of goods sold,and net income to be understated.
• C) the company's ending inventory,cost of goods available for sale,and retained earnings to be understated.
• D) the company's ending inventory,cost of goods sold,and retained earnings to be understated.

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