Available under Creative Commons-NonCommercial-ShareAlike 4.0 International License.
Partial income statements of Lilydale Products Inc. are reproduced below:
Required:
- Calculate the impact of the two errors listed below on the gross profit calculated for the three years:
- The 2017 ending inventory was understated by $2,000.
- The 2019 ending inventory was overstated by $5,000.
- What is the impact of these errors on total assets?
- 1740 reads
