Open Question
A company had an ending inventory that was overstated by $5,000 due to a miscount during the year-end inventory count. The amounts reflected in the end of the period balance sheet are:
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- 1. Introduction to Accounting1h 21m
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- Revenue Recognition and Expense Recognition24m
- Introduction to Adjusting Journal Entries and Prepaid Expenses36m
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- Cost of Goods Sold - Perpetual Inventory vs. Periodic Inventory9m
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- Perpetual Inventory - Purchasing Summary6m
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- Single-step Income Statement4m
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- Comprehensive Income2m
- 5. Inventory1h 55m
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- Physical Inventory Count, Ownership of Goods, and Consigned Goods10m
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- Periodic Inventory - FIFO, LIFO, and Average Cost23m
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- Inventory Errors14m
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- GAAP vs. IFRS: Inventory3m
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- GAAP vs. IFRS: Long Lived Assets5m
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- GAAP vs. IFRS: Statement of Cash Flows5m
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5. Inventory
Inventory Errors
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1:02 minutesOpen Question
A company had a beginning inventory that was understated by $4,000 because the ending inventory in the previous period was understated by $4,000. The amounts reflected in the current end of period balance sheet are:
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