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Category > Accounting Posted 19 Aug 2017 My Price 6.00

Fonda Motorcycle Shop

EX 6-18  Effect of errors in physical inventory                                                   ObJ. 6 Fonda Motorcycle Shop sells motorcycles, ATVs, and other related supplies and accessories. During the taking of its physical inventory on December 31, 2016, Fonda Motorcycle Shop

incorrectly counted its inventory as $337,500 instead of the correct amount of $328,850.

a.     State the effect of the error on the December 31, 2016, balance sheet of Fonda Motorcycle Shop.

b.     State the effect of the error on the income statement of Fonda Motorcycle Shop for the year ended December 31, 2016.

c.     If uncorrected, what would be the effect of the error on the 2017 income statement?

d.     If uncorrected, what would be the effect of the error on the  December  31, 2017, balance sheet?

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Maurice Tutor
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Status NEW Posted 19 Aug 2017 08:08 PM My Price 6.00

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