During the taking of its physical inventory on December 31, 2013, Kate's Interiors Company incorrectly counted its inventory as $282,380 instead of the correct amount of $242,845. Indicate the effect of the misstatement on Kate's Interiors's December 31, 2013, balance sheet or income statement for the year ended December 31, 2013. For each, select if the amount is overstated or understated. Then, input the over or under amount, entered as a positive value. Cost of goods sold Current assets Gross profit Inventory Net Income Stockholders' equity Total assets

During the taking of its physical inventory on December 31, 2013, Kate's Interiors Company incorrectly counted its inventory as $282,380 instead of the correct amount of $242,845. Indicate the effect of the misstatement on Kate's Interiors's December 31, 2013, balance sheet or income statement for the year ended December 31, 2013. For each, select if the amount is overstated or understated. Then, input the over or under amount, entered as a positive value. Cost of goods sold Current assets Gross profit Inventory Net Income Stockholders' equity Total assets

Name: During the taking of its physical inventory on December 31, 2013, Kat
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Description: During the taking of its physical inventory on December 31, 2013, Kate's Interiors Company incorrectly counted its inventory as $282,380 instead of thecorrect amount of $242,845. Indicate the effect of the misstatement on Kate's Interiors's December

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 13EB: If a group of inventory items costing $3,200 had been double counted during the year-end inventory...

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