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Assume that in Year 1, the ending merchandise inventory is overstated by $30,000. If this is the ...

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Assume that in Year 1, the ending merchandise inventory is overstated by $30,000. If this is the ...

Assume that in Year 1, the ending merchandise inventory is overstated by $30,000. If this is the only error in Years 1 and 2, fill in the items below, indicating which items will be understated(U), overstated(O), or correctly(C) stated for Year 2.

Ending merchandise inventory   Year 2 ________
Beginning merchandise inventory   Year 2 ________
Cost of goods sold   Year 2 ________
Gross profit   Year 2 ________
Net income   Year 2 ________
Ending owner's capital   Year 2 ________

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College Accounting: A Practical Approach

Edition: 13^th

Author: Slater

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