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gOOvER gOOvER
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6 years ago
The bookkeeper for Duncan Company made an error in recording the year-end inventory balance on December 31, 2013. As a result, ending inventory was understated by $37,000.

a) What effect will this error have on cost of goods sold, gross margin, net income, and owner's equity in 2013?
b) As of December 31, 2014, what will be the cumulative effect of this error on owner's equity?
Textbook 
Accounting, Volume 1, Canadian Edition

Accounting, Volume 1, Canadian Edition


Edition: 9th
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raovatallpyraovatallpy
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6 years ago
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