![chrisk1888](/avatars/25494.jpg)
chrisk1888
17.08.2021 •
Business
Cake Mart understated its ending inventory in the current year by $5,000. The company incorrectly reported net income of $100,000. Determine the effect this error had on the financial statements. Multiple choice question. Cost of goods sold was too low by $5,000, which caused net income to be overstated. Cost of goods sold will be too high by $5,000, and this caused net income to be understated by $5,000. Total assets on the balance sheet will be too high by $5,000. Cost of goods sold will be too high by $5,000, and this caused net income to be overstated by $5,000.
Solved
Show answers
More tips
- F Family and Home How to Remove Fading from Clothes: Tips and Tricks...
- F Family and Home How to Remove Tar Stains: Tips and Recommendations from Experts...
- L Leisure and Entertainment How to Learn to Draw Graffiti: Tips for Beginners...
- G Goods and services How to sew a ribbon: Tips for beginners...
- L Leisure and Entertainment How to Land on the Moon: Your Comprehensive Guide...
- H Health and Medicine Novomin: What is it and how to use it?...
- A Art and Culture Attention, the Final Episode of Margo is Almost Here!...
- A Art and Culture How to Learn Screaming: Step-by-Step Guide for Beginners...
- D Dating, Love, Relationships 10 Useful Tips on How to Survive a Breakup?...
- S Style and Beauty How to Break in New Shoes: 7 Simple Methods...
Answers on questions: Business
- B Business What happening boys and their father so affected by the girls...
- M Mathematics Bottle D contains 12 ounces of water. What is the percentage of the amount of water in bottle B is this?...
- H History Darrel owns 1/2 of an acre of farmland . He grows beets 2/3 of the lane . On how many acres of land does Darrel grow...
- M Mathematics You complete 3centimeters of a necklace in an hour. each hour after the first, you triple the length of the necklace. write an expression using exponents for the length...
- E English Which means the opposite of diverse?...
- B Biology Proteins are made by joining __________ into long chains...
Ответ:
done
explanation: